Peoria, Peoria County, Illinois Property Taxes

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

Median Peoria, IL effective property tax rate: 2.78%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%. Median Peoria, IL home value: $81,330. Median annual Peoria, IL tax bill: $2,059, $341 lower than the national median property tax bill of $2,400.

How are property taxes in Peoria calculated?

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

Last Updated March 1, 2025

Peoria, Peoria County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.78%

Estimate Property Tax Bill

$2,261

$2,098

Ownwell’s Peoria Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Peoria with just two data points. By entering your property's estimated assessed value, our calculator applies Peoria’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 Peoria, Peoria County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Peoria’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Peoria County, home to Peoria, has a median property tax rate of 2.78%, significantly higher than the national median of 1.02%. Within Peoria, the highest median tax rate is 3.22% in the 61605 zip code, while the lowest is 2.59% in the 61607 zip code. This variation highlights the importance of understanding local property tax dynamics. By appealing property taxes or seeking exemptions, homeowners in Peoria can potentially reduce their property tax burden, aligning it more closely with their financial needs.

Property Tax Rates Across Peoria, 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 Peoria Taxx Rate

2.78%

Median Effective Peoria County Taxx Rate

2.68%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Peoria, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61601	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
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, Peoria County, Illinois

When examining property taxes in Peoria, 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.

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 Peoria.

For example, the median home price in Peoria is $81,330, with tax bills ranging significantly across the county. Zip code 61615 has the highest median home price at $155,280.

Property Tax Assessment Values Across Peoria, Peoria County, Illinois

Source: Ownwell

$15,870

$133,065

$250,260

Median Peoria Market Value

$81,330

Median Peoria County Market Value

$93,150

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Peoria, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61601	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
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, Peoria County, Illinois

In Peoria, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as school district funding, local government budgets, and public service needs influence these rates. In Peoria County, the median home price is $81,330, with property tax bills ranging significantly. The 25th percentile tax bill is $821, while the 75th percentile reaches $3,830, and the 90th percentile is $5,946. The highest median tax bill in the area is $4,166 in the 61615 zip code, whereas the lowest is $439 in the 61605 zip code. Compared to the national median property tax rate of 1.02%, homeowners in Peoria may face varying tax burdens. Ownwell can assist homeowners by appealing their property tax assessments, potentially lowering their tax bills and ensuring they're not overpaying. This service can save homeowners money and provide peace of mind.

Property Tax Bills Across Peoria, Peoria County, Illinois

Source: Ownwell

$439

$3,464

$6,489

Median Peoria Tax Bill

$2,059

Median Peoria County Tax Bill

$2,323

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Peoria, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61601	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
61614	$1,450	$2,462	$3,597	$4,850	$6,674
61615	$1,458	$2,423	$4,166	$6,679	$10,351

Source: Ownwell