Peotone, Kankakee County, Illinois Property Taxes

Name: Property Tax Bills Across Peotone, Kankakee County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Peotone, IL effective property tax rate: 3.19%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Peotone, IL home value: $187,680
Median annual Peotone, IL tax bill: $6,465, $4,065 higher than the national median property tax bill of $2,400.

How are property taxes in Kankakee calculated?

Property taxes in Peotone, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Peotone’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Peotone, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Peotone, Kankakee County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.19%

Estimate Property Tax Bill

$5,987

$5,556

Ownwell’s Peotone Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Peotone with just two data points. By entering your property's estimated assessed value, our calculator applies Peotone’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Kankakee County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Peotone, Kankakee County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services, dividing it by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws are involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Peotone, located in Kankakee County, IL, the effective property tax rate is notably higher than the national median. This high rate reflects the county's budgetary needs and the total assessed property value within its borders. Comparing Peotone’s tax rate to other cities in Illinois, it stands at the higher end of the spectrum. The median property tax rate in Illinois is significantly above the national median, making it one of the states with the highest property tax burdens. Understanding these rates can be crucial for property owners in Peotone, as it impacts their annual property tax bills.

Property Tax Rates Across Peotone, Kankakee County, Illinois

Source: Ownwell

2.56%

3.54%

4.53%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Peotone Tax Rate

3.19%

Median Effective Kankakee County Tax Rate

3.07%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Peotone, Kankakee County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60468	2.82%	2.94%	3.19%	3.56%	3.95%

Source: Ownwell

Property Tax Assessment Values Across Peotone, Kankakee County, Illinois

When examining property taxes in Peotone, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Kankakee County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Kankakee County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Peotone. For example, the median home price in Peotone is $187,680, with tax bills ranging significantly across the county. Zip code 60468 has the highest median home price at $187,680.

Property Tax Assessment Values Across Peotone, Kankakee County, Illinois

Source: Ownwell

$49,746

$124,081

$198,416

Median Peotone Market Value

$187,680

Median Kankakee County Market Value

$137,616

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Peotone, Kankakee County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60468	$131,690	$169,545	$187,680	$257,472	$280,076

Source: Ownwell

Property Tax Bills Across Peotone, Kankakee County, Illinois

In Peotone, located in Kankakee County, IL, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Peotone experience a median property tax bill of $6,465, significantly higher than the national median of $2,400, indicating a heavier tax burden. Factors such as local government budgets, public school funding, and community services contribute to the tax rate, impacting how much homeowners pay annually. This can place a financial strain on residents, especially when compared to the national median property tax rate of 1.02%. Ownwell specializes in helping homeowners reduce their property tax bills by providing expert appeal and exemption services. Through a thorough analysis of property assessments and market conditions, Ownwell identifies opportunities for savings, ensuring homeowners in Peotone pay only their fair share, potentially alleviating some of the financial pressure from high property taxes.

Property Tax Bills Across Peotone, Kankakee County, Illinois

Source: Ownwell

$1,473

$3,969

$6,465

Median Peotone Tax Bill

$6,465

Median Kankakee County Tax Bill

$4,151

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Peotone, Kankakee County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60468	$4,600	$5,166	$6,465	$7,987	$8,773

Source: Ownwell