Laura, Peoria County, Illinois Property Taxes

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

Median LAURA, IL effective property tax rate: 2.55%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median LAURA, IL home value: $55,260
Median annual LAURA, IL tax bill: $1,002, $1,398 lower than the national median property tax bill of $2,400.

How are property taxes in Peoria calculated?

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

Last Updated March 1, 2025

Laura, Peoria County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.55%

Estimate Property Tax Bill

$1,409

$1,308

Ownwell’s LAURA Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in LAURA with just two data points. By entering your property's estimated assessed value, our calculator applies LAURA’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 17143. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Laura, Peoria County, Illinois

Local government entities in Illinois set tax rates, which can vary widely within the state. This variation is due to each county's annual process of estimating its required budget to provide essential services and dividing 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 setting these rates and budgets, this is the primary annual procedure.

In the city of Laura, located in Peoria County, the effective property tax rate stands out when compared to other cities in Illinois. The state's median property tax rate is 2.55%, significantly higher than the national median of 1.02%. This makes Illinois one of the states with a higher property tax burden. Moreover, the median property tax bill in Illinois can be quite substantial, especially when compared to the national median bill of $2,400. Understanding these figures is crucial for property owners in Laura, as it underscores the importance of property tax appeal and exemption services to potentially reduce their financial burden.

Property Tax Rates Across Laura, 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 Laura Tax Rate

2.55%

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 Laura, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61451	1.43%	1.93%	2.55%	2.61%	2.91%

Source: Ownwell

Property Tax Assessment Values Across Laura, Peoria County, Illinois

When examining property taxes in LAURA, 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 Peoria 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. Assessment notices: In Peoria 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 LAURA. For example, the median home price in LAURA is $55,260, with tax bills ranging significantly across the county. 61451 has the highest median home price at $55,260.

Property Tax Assessment Values Across Laura, Peoria County, Illinois

Source: Ownwell

$15,870

$133,065

$250,260

Median Laura Market Value

$55,260

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 Laura, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61451	$3,426	$11,940	$55,260	$87,870	$146,208

Source: Ownwell

Property Tax Bills Across Laura, Peoria County, Illinois

In Laura, Peoria County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in Laura is $55,260. Property taxes here are influenced by local government budgets, school funding, and public services, which in turn affect the tax rate applied to the assessed value. Homeowners in Laura face varying tax bills, with the 25th percentile at $227 and the 75th percentile reaching $1,955, highlighting the disparity in tax burdens across the area. The 90th percentile tax bill is as high as $3,746, which can be a significant financial burden compared to the national median property tax bill of $2,400. Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions. By analyzing property assessments and ensuring they are fair and accurate, Ownwell helps reduce the tax burden, making homeownership more affordable in Peoria County.

Property Tax Bills Across Laura, Peoria County, Illinois

Source: Ownwell

$439

$3,464

$6,489

Median Laura Tax Bill

$1,002

Median Peoria County Tax Bill

$2,323

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Laura, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61451	$88	$227	$1,002	$1,955	$3,746

Source: Ownwell