Petersburg, Illinois Property Taxes
The median property tax rate in Petersburg, IL is 2.45%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Petersburg, the typical annual property tax bill reaches $1,401, exceeding the national median of $2,690. Property taxes in Petersburg are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Petersburg'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 Petersburg 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
Petersburg, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$1,386
$1,286
Ownwell’s Petersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petersburg 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 Petersburg, Illinois
Property taxes in Petersburg, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petersburg is 2.45%, significantly higher than the U.S. national median of 0.99%. Local government entities within Petersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petersburg 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 Petersburg's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62675 zip code has the highest median property tax rate of 2.45%, while the same zip code also has the lowest median tax rate of 2.45%. Understanding how these cities compare with Petersburg provides valuable insights into the varying tax landscape across Menard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petersburg Tax Rate
2.45%
Average Menard County Tax Rate
2.40%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62675 | 2.32% | 2.36% | 2.45% | 2.48% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Petersburg, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Petersburg, Illinois. 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 Menard 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 Petersburg, 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 Petersburg is $56,559, with tax bills ranging from $556 at the 25th percentile to $5,957 at the 90th percentile. The highest and lowest median tax bills are both found in the 62675 zip code, each at $1,401. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Petersburg Assessed Value
$56,559
Average Menard County Assessed Value
$80,994
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62675 | $8,490 | $22,466 | $56,559 | $143,471 | $246,201 |
Source: Ownwell
Property Tax Bills Across Petersburg, Illinois
In Petersburg, Menard County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $56,559, the tax bill can vary widely. Homeowners in the 25th percentile might see a tax bill around $556, while those in the 75th percentile could face a bill as high as $3,476. At the 90th percentile, tax bills can reach up to $5,957. The property tax rate in Petersburg can significantly impact homeowners, with the local median tax rate being notably higher than the national median of 0.99%. This means homeowners in Petersburg might pay more relative to other parts of the country. Factors such as property improvements, changes in market conditions, and local tax levies also play a crucial role in determining the final tax bill, making it essential for homeowners to stay informed and proactive about their property assessments.
Average Petersburg Tax Bill
$1,401
Average Menard County Tax Bill
$1,844
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Petersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62675 | $217 | $556 | $1,401 | $3,476 | $5,957 |
Source: Ownwell