Chillicothe, Peoria County, Illinois Property Taxes

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

Median Chillicothe, IL effective property tax rate: 2.31%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Chillicothe, IL home value: $118,080
Median annual Chillicothe, IL tax bill: $2,580, $180 higher than the national median property tax bill of $2,400.

How are property taxes in Peoria calculated?

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

Last Updated March 1, 2025

Chillicothe, Peoria County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.31%

Estimate Property Tax Bill

$2,728

$2,531

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

Property Tax Rates Across Chillicothe, Peoria County, Illinois

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

In Chillicothe, located in Peoria County, Illinois, the effective property tax rate is a point of comparison to other cities in Illinois and the median property tax rates in both the state and the U.S. The median property tax rate in Chillicothe is notably higher than the national median of 1.02%, reflecting the unique budgetary needs and property values in the area. Understanding these rates is crucial for property owners looking to appeal or seek exemptions, as it highlights the potential for savings and financial planning. By staying informed about local property tax trends, homeowners can better navigate their tax obligations and make informed decisions about their properties.

Property Tax Rates Across Chillicothe, Peoria County, Illinois

Source: Ownwell

2.10%

2.66%

3.22%

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 Chillicothe Tax Rate

2.31%

Median Effective Peoria County Tax Rate

2.68%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Chillicothe, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61523	1.78%	2.09%	2.31%	2.50%	2.79%

Source: Ownwell

Property Tax Assessment Values Across Chillicothe, Peoria County, Illinois

When examining property taxes in Chillicothe, Illinois, 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 Peoria County Assessor's Office 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 Peoria 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 Chillicothe.

For example, the median home price in Chillicothe is $118,080, with tax bills ranging significantly across the county. Zip code 61523 has the highest median home price at $118,080.

Property Tax Assessment Values Across Chillicothe, Peoria County, Illinois

Source: Ownwell

$15,870

$133,065

$250,260

Median Chillicothe Market Value

$118,080

Median Peoria County Market Value

$93,150

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Chillicothe, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61523	$43,215	$79,350	$118,080	$169,305	$238,923

Source: Ownwell

Property Tax Bills Across Chillicothe, Peoria County, Illinois

In Chillicothe, Peoria County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in the area is $118,080. Homeowners can expect a tax bill that varies significantly, with the 25th percentile at $1,663 and the 75th percentile reaching $3,873, while the 90th percentile can go up to $5,756. The median property tax bill in Chillicothe is $2,580, which is slightly above the national median of $2,400. Factors influencing the tax bill include the local tax rate and any applicable exemptions or deductions. Higher property taxes can be a burden for homeowners, affecting their overall financial stability. Ownwell assists homeowners in reducing their property tax bills by providing expert appeal and exemption services. By analyzing property assessments and identifying discrepancies, Ownwell helps clients achieve a fair tax bill, potentially leading to significant savings and easing the financial load for homeowners.

Property Tax Bills Across Chillicothe, Peoria County, Illinois

Source: Ownwell

$439

$3,464

$6,489

Median Chillicothe Tax Bill

$2,580

Median Peoria County Tax Bill

$2,323

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Chillicothe, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61523	$790	$1,663	$2,580	$3,873	$5,756

Source: Ownwell