Petersburg, Menard County, Illinois Property Taxes

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

Median Petersburg, IL effective property tax rate: 2.45%, significantly higher than the national median of 1.02%, but slightly higher than the Illinois state median of 2.35%.
Median Petersburg, IL home value: $56,559
Median annual Petersburg, IL tax bill: $1,401, $999 lower than the national median property tax bill of $2,400.

How are property taxes in Menard calculated?

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

Last Updated March 1, 2025

Petersburg, Menard County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.45%

Estimate Property Tax Bill

$1,386

$1,286

Ownwell’s Petersburg Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Petersburg with just two data points. By entering your property's estimated assessed value, our calculator applies Petersburg’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 Menard County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Petersburg, Menard County, Illinois

Local government entities determine tax rates, which can vary significantly within a state. This is because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws influence the setting of tax rates and budgets, this is essentially the annual process.

In Petersburg, located in Menard County, Illinois, the effective property tax rate is 2.45%. When compared to the national median property tax rate of 1.02%, Petersburg's rate is considerably higher. This higher rate reflects the local government's budgetary needs and the total value of taxable property in the area.

By comparing Petersburg's rate to other cities in Illinois and the national median, property owners can better understand their tax obligations. The higher property tax rate may impact decisions for potential property buyers and current homeowners alike. Understanding these rates is crucial for anyone looking to manage their property expenses effectively.

Property Tax Rates Across Petersburg, Menard County, Illinois

Source: Ownwell

2.15%

2.35%

2.55%

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 Petersburg Tax Rate

2.45%

Median Effective Menard County Tax Rate

2.40%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Petersburg, Menard County, 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, Menard County, Illinois

When examining property taxes in Petersburg, 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 Menard 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 Menard County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Petersburg.

For example, the median home price in Petersburg is $56,559, with tax bills ranging significantly across the county. Zip code 62675 has the highest median home price at $56,559.

Property Tax Assessment Values Across Petersburg, Menard County, Illinois

Source: Ownwell

$45,300

$78,017

$110,733

Median Petersburg Market Value

$56,559

Median Menard County Market Value

$80,994

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Petersburg, Menard County, 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, Menard County, Illinois

In Petersburg, located in Menard County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is a percentage of the property's market value, and the tax rate is applied to this assessed value to determine the tax bill. With a median home price of $56,559, homeowners in this area face varying tax bills, with the 25th percentile at $556 and the 75th percentile reaching $3,476. The highest median tax bill in the region is $1,401, which is notably below the national median property tax bill of $2,400. Factors such as changes in property values and local tax rates influence the final amount a homeowner must pay. Ownwell assists homeowners in Petersburg by identifying potential savings through property tax appeals and ensuring they receive applicable exemptions. By leveraging expert knowledge and resources, Ownwell can help reduce the financial burden of property taxes, providing significant savings and peace of mind for homeowners.

Property Tax Bills Across Petersburg, Menard County, Illinois

Source: Ownwell

$1,153

$1,917

$2,681

Median Petersburg Tax Bill

$1,401

Median Menard County Tax Bill

$1,844

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Petersburg, Menard County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62675	$217	$556	$1,401	$3,476	$5,957

Source: Ownwell