Peoria, Illinois Property Taxes
The median property tax rate in Peoria, IL is 2.78%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Peoria, the typical annual property tax bill reaches $2,059, which is below the national median of $2,690. Property taxes in Peoria 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 Peoria'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 Peoria 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
Peoria, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.78%
Estimate Property Tax Bill
$2,261
$2,209
Ownwell’s Peoria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peoria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peoria 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 Peoria, Illinois
Property taxes in Peoria, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peoria is 2.78%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Peoria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peoria 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. For comparison, the 61611 zip code has the highest median property tax rate of 3.22%, while the 61607 zip code has the lowest median tax rate of 2.59%. Understanding how these areas compare with Peoria provides valuable insights into the varying tax landscape across Peoria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peoria Tax Rate
2.78%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peoria, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61601 | 3.22% | 3.22% | 3.22% | 3.22% | 3.22% |
| 61602 | N/A | N/A | N/A | N/A | N/A |
| 61603 | 1.69% | 2.18% | 3.22% | 3.22% | 3.22% |
| 61604 | 1.79% | 2.23% | 2.62% | 3.22% | 3.22% |
| 61605 | 1.83% | 2.93% | 3.22% | 3.22% | 3.22% |
| 61606 | 2.03% | 2.52% | 3.22% | 3.22% | 3.22% |
| 61607 | 2.05% | 2.36% | 2.59% | 2.75% | 3.00% |
| 61611 | 3.22% | 3.22% | 3.22% | 3.22% | 3.22% |
| 61614 | 2.19% | 2.52% | 2.75% | 2.90% | 3.22% |
| 61615 | 2.19% | 2.52% | 2.74% | 2.92% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Peoria, Illinois
In Peoria, 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 Peoria County Appraisal District 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. Assessment notices in Peoria 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. In Peoria, the median home price stands at $81,330. Tax bills can vary significantly, with the 25th percentile at $821 and the 75th percentile at $3,830. Notably, the highest median tax bill is $4,166 in zip code 61615, while the lowest median tax bill is $128 in zip code 61601. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Peoria Assessed Value
$81,330
Average Peoria County Assessed Value
$93,150
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Peoria, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61601 | $3,990 | $3,990 | $3,990 | $3,990 | $3,990 |
| 61602 | N/A | N/A | N/A | N/A | N/A |
| 61603 | $13,260 | $23,700 | $35,700 | $58,072 | $86,457 |
| 61604 | $23,805 | $44,445 | $70,215 | $105,952 | $140,805 |
| 61605 | $1,320 | $8,085 | $15,870 | $25,530 | $43,290 |
| 61606 | $26,568 | $44,445 | $75,030 | $119,865 | $157,698 |
| 61607 | $63,534 | $105,420 | $139,500 | $181,080 | $243,000 |
| 61611 | $1,650 | $1,650 | $1,650 | $1,650 | $1,650 |
| 61614 | $65,655 | $97,710 | $134,565 | $173,422 | $231,735 |
| 61615 | $59,262 | $93,810 | $155,280 | $236,910 | $352,320 |
Source: Ownwell
Property Tax Bills Across Peoria, Illinois
In Peoria, located in Peoria County, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. For homeowners in Peoria, the median home price is $81,330. The property tax rate in Peoria County is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location within different zip codes, which can result in significant variations. For instance, the highest median tax bill in Peoria is $4,166 in zip code 61615, while the lowest median tax bill is just $128 in zip code 61601. Homeowners in the 25th percentile can expect to pay around $821, while those in the 75th percentile may face a tax bill of $3,830. At the 90th percentile, the tax bill can reach up to $5,946. These variations can significantly impact homeowners' finances, making it essential to understand how property taxes are calculated in their specific area.
Average Peoria Tax Bill
$2,059
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Peoria, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61601 | $128 | $128 | $128 | $128 | $128 |
| 61602 | N/A | N/A | N/A | N/A | N/A |
| 61603 | $245 | $594 | $920 | $1,481 | $2,259 |
| 61604 | $532 | $1,015 | $1,723 | $2,692 | $3,786 |
| 61605 | $42 | $161 | $439 | $682 | $1,095 |
| 61606 | $601 | $1,105 | $2,124 | $3,379 | $4,744 |
| 61607 | $1,315 | $2,419 | $3,498 | $4,694 | $6,600 |
| 61611 | $53 | $53 | $53 | $53 | $53 |
| 61614 | $1,450 | $2,462 | $3,597 | $4,850 | $6,674 |
| 61615 | $1,458 | $2,423 | $4,166 | $6,679 | $10,351 |
Source: Ownwell