Princeville, Peoria County, Illinois Property Taxes

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

Median Princeville, IL effective property tax rate: 2.58%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%. Median Princeville, IL home value: $126,495. Median annual Princeville, IL tax bill: $3,138, $738 higher than the national median property tax bill of $2,400.

How are property taxes in Peoria calculated?

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

Last Updated March 1, 2025

Princeville, Peoria County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.58%

Estimate Property Tax Bill

$3,264

$3,029

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

Local government entities are responsible for setting property tax rates, which can vary significantly even within a single state. This variation occurs because each county, like 17143 in Illinois, estimates its annual budget to provide essential services and then divides that by the total value of all taxable property in its jurisdiction to determine the property tax rate. Although votes and laws play a role in establishing these rates and budgets, this is the basic annual process. In Princeville, located in 17143, the effective property tax rate is notably higher than the national median of 1.02%. This means that property owners in Princeville may face higher tax bills compared to other regions across the country. When comparing Princeville's rates to the median rates in Illinois, it's evident that the local property tax landscape can significantly impact homeowners' finances. Understanding these differences is crucial for property owners looking to manage their tax liabilities effectively.

Property Tax Rates Across Princeville, 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 Princeville Taxx Rate

2.58%

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 Princeville, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61559	1.99%	2.31%	2.58%	2.79%	3.18%

Source: Ownwell

Property Tax Assessment Values Across Princeville, Peoria County, Illinois

When examining property taxes in Princeville, 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 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 Princeville.

For example, the median home price in Princeville is $126,495, with tax bills ranging significantly across the county. ZIP code 61559 has the highest median home price at $126,495.

Property Tax Assessment Values Across Princeville, Peoria County, Illinois

Source: Ownwell

$15,870

$133,065

$250,260

Median Princeville Market Value

$126,495

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 Princeville, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61559	$31,101	$74,670	$126,495	$194,588	$270,570

Source: Ownwell

Property Tax Bills Across Princeville, Peoria County, Illinois

In Princeville, Peoria County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, and the local tax rate is set by various taxing authorities in the area. Homeowners in Princeville can expect property tax bills that vary significantly, with the 25th percentile at $1,701 and the 75th percentile reaching $4,933. The highest median tax bill in the area is $3,138, notably higher than the national median of $2,400. These taxes fund essential local services, but the variability can be challenging for homeowners. This is where Ownwell can assist. By providing expert property tax appeal services, Ownwell helps homeowners ensure their property is fairly assessed, potentially lowering their tax burden. With a deep understanding of local tax laws and assessment practices, Ownwell can identify discrepancies and advocate for a more accurate valuation, offering significant savings for homeowners in Princeville.

Property Tax Bills Across Princeville, Peoria County, Illinois

Source: Ownwell

$439

$3,464

$6,489

Median Princeville Tax Bill

$3,138

Median Peoria County Tax Bill

$2,323

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Princeville, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61559	$733	$1,701	$3,138	$4,933	$7,139

Source: Ownwell