Peotone, Illinois Property Taxes
The median property tax rate in Peotone, IL is 3.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Peotone at $187,680, the typical annual property tax bill reaches $6,465, exceeding the national median of $2,690. Property taxes in Peotone are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Peotone'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 Peotone or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Peotone, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.19%
Estimate Property Tax Bill
$5,987
$5,850
Ownwell’s Peotone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peotone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peotone 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 Kankakee County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Peotone, Illinois
Property taxes in Peotone, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Peotone is 3.19%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Peotone set these rates annually, and they can vary across different neighborhoods. Each year, Peotone 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 Peotone's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60468 zip code has the highest median property tax rate of 3.19%, while the same zip code also represents the lowest median tax rate of 3.19%. Understanding how these cities compare with Peotone provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peotone Tax Rate
3.19%
Average Kankakee County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peotone, 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, Illinois
In Peotone, 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 Kankakee County Assessor 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. In Peotone, 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. For instance, the median home price in Peotone is $187,680, with tax bills ranging from $5,166 at the 25th percentile to $8,773 at the 90th percentile. The zip code 60468 has both the highest and lowest median tax bill, which is $6,465. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Peotone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Peotone Assessed Value
$187,680
Average Kankakee County Assessed Value
$137,616
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Peotone, 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, Illinois
In Peotone, located in Kankakee County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Peotone is $187,680. Local tax rates, set by various taxing authorities such as school districts and municipalities, are then applied to this assessed value to determine the tax bill. Homeowners in Peotone can expect significant variability in their tax bills. For instance, the 25th percentile tax bill is around $5,166, while the 75th percentile tax bill reaches $7,987. At the 90th percentile, tax bills can climb to $8,773. The highest median tax bill recorded in Peotone is $6,465, which is considerably higher than the national median property tax rate of 0.99%. These property taxes fund essential public services like education, infrastructure, and emergency services, impacting the quality of life for homeowners. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Peotone Tax Bill
$6,465
Average Kankakee County Tax Bill
$4,151
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Peotone, 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