Peoria Heights, Illinois Property Taxes
The median property tax rate in Peoria Heights, IL is 2.62%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Peoria Heights at $74,040, the typical annual property tax bill reaches $1,800, which is below the national median of $2,690. Property taxes in Peoria Heights are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Peoria Heights' 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 Heights 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 Heights, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.62%
Estimate Property Tax Bill
$1,940
$1,800
Ownwell’s Peoria Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peoria Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peoria Heights 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 Heights, Illinois
Property taxes in Peoria Heights, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peoria Heights is 2.62%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Peoria Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peoria Heights 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. The data below compares Peoria Heights' effective property tax rate to other counties in Illinois and the national median. For comparison, the 61616 zip code has the highest median property tax rate of 2.62%, while the 61616 zip code also has the lowest median tax rate of 2.62%. Understanding how these cities compare with Peoria Heights 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 Heights Tax Rate
2.62%
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 Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61616 | 1.72% | 2.24% | 2.62% | 3.06% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Peoria Heights, Illinois
In Peoria Heights, 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 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. Being aware of these valuation processes in Peoria Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61616 has the highest and lowest median tax bill, both at $1,800.
Average Peoria Heights Assessed Value
$74,040
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 Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61616 | $29,154 | $52,560 | $74,040 | $105,855 | $156,147 |
Source: Ownwell
Property Tax Bills Across Peoria Heights, Illinois
In Peoria Heights, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in the area is $74,040. Local tax authorities determine the assessed value, typically a percentage of the market value, and apply the relevant tax rate to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Peoria Heights can expect varying tax bills. The 25th percentile tax bill is $1,189, while the 75th percentile reaches $2,676, and the 90th percentile can go up to $4,335. The highest median tax bill in the area is $1,800, corresponding to the zip code 61616. These figures are notably higher than the national median property tax rate of 0.99%, highlighting a significant impact on homeowners in the region. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Peoria Heights Tax Bill
$1,800
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 Heights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61616 | $558 | $1,189 | $1,800 | $2,676 | $4,335 |
Source: Ownwell