Piper City, Illinois Property Taxes
The median property tax rate in Piper City, IL is 2.63%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Piper City, the typical annual property tax bill reaches $1,800, which is below the national median of $2,690. Property taxes in Piper City are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Piper City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Piper City or another part of Ford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Piper City, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Piper City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Piper City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Piper City to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Piper City, Illinois
Property taxes in Piper City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Piper City is 2.63%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Piper City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Piper City estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Piper City's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60959 has both the highest and lowest median property tax rate of 2.63%. Understanding how these cities compare with Piper City provides valuable insights into the varying tax landscape across Ford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Piper City Tax Rate
2.63%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Piper City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60959 | 1.43% | 2.08% | 2.63% | 2.96% | 3.36% |
Source: Ownwell
Property Tax Assessment Values Across Piper City, Illinois
In Piper City, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Ford County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Piper City residents should note that the median property tax bill is $1,800 in zip code 60959, which is the same for both the highest and lowest median tax bills in the area. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Piper City Assessed Value
$74,310
Average Ford County Assessed Value
$93,960
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Piper City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60959 | $27,990 | $43,005 | $74,310 | $110,640 | $167,655 |
Source: Ownwell
Property Tax Bills Across Piper City, Illinois
In Piper City, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, the median home price in Piper City is $74,310. Local tax rates are applied to this assessed value to determine the annual tax bill. Various factors influence the tax bill, including the home's location, size, and any applicable exemptions. Homeowners in Piper City can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $923, while the 75th percentile reaches $2,881. For those at the 90th percentile, the tax bill can be as high as $4,566. These variations highlight the impact of property value and local tax rates on the overall tax burden. Compared to the national median property tax rate of 0.99%, Piper City's tax rates can lead to substantial differences in annual tax obligations, affecting homeowners' financial planning and long-term investment in their properties.
Average Piper City Tax Bill
$1,800
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Piper City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60959 | $477 | $923 | $1,800 | $2,881 | $4,566 |
Source: Ownwell