Trivoli, Illinois Property Taxes
The median property tax rate in Trivoli, IL is 2.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Trivoli at $131,730, the typical annual property tax bill reaches $2,790, exceeding the national median of $2,690. Property taxes in Trivoli 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 Trivoli'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 Trivoli 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
Trivoli, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$2,885
$2,677
Ownwell’s Trivoli Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trivoli with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trivoli 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 Trivoli, Illinois
Property taxes in Trivoli, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trivoli is 2.19%, significantly higher than the U.S. national median of 0.99%. Local government entities within Trivoli set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trivoli 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 Trivoli's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61569 has both the highest and lowest median property tax rate of 2.19%, aligning with Trivoli’s rate. Understanding how these cities compare with Trivoli 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 Trivoli Tax Rate
2.19%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trivoli, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61569 | 1.74% | 2.00% | 2.19% | 2.39% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Trivoli, Illinois
In Trivoli, 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 Assessment Office 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. In Trivoli, 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 Trivoli helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $2,790 in the 61569 zip code, which is also the lowest median tax bill in the area.
Average Trivoli Assessed Value
$131,730
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 Trivoli, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61569 | $28,170 | $83,385 | $131,730 | $176,228 | $236,985 |
Source: Ownwell
Property Tax Bills Across Trivoli, Illinois
In Trivoli, located in Peoria County, IL, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The median home price in Trivoli is $131,730, and the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Trivoli can expect varying tax bills. For instance, at the 25th percentile, the tax bill is around $1,636, while at the 75th percentile, it rises to approximately $3,866. Those at the 90th percentile face tax bills as high as $5,418. Notably, the highest median tax bill in the area, found in zip code 61569, is $2,790, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential public services, such as schools, infrastructure, and emergency services, directly impacting the quality of life for Trivoli residents.
Average Trivoli Tax Bill
$2,790
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Trivoli, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61569 | $610 | $1,636 | $2,790 | $3,866 | $5,418 |
Source: Ownwell