Pierson Station, Illinois Property Taxes
The median property tax rate in Pierson Station, IL is 2.53%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Pierson Station, the typical annual property tax bill reaches $935, which is lower than the national median of $2,690. Property taxes in Pierson Station 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 Pierson Station'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 Pierson Station 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
Pierson Station, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Pierson Station Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Pierson Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pierson Station to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Pierson Station, Illinois
Property taxes in Pierson Station, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pierson Station is 2.53%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Pierson Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pierson Station 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 Pierson Station's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61929 has both the highest and lowest median property tax rate of 2.53%. Understanding how these cities compare with Pierson Station provides valuable insights into the varying tax landscape across Piatt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pierson Station Tax Rate
2.53%
Average Piatt County Tax Rate
2.43%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pierson Station, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61929 | 2.53% | 2.53% | 2.53% | 2.53% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Pierson Station, Illinois
In Pierson Station, 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 Piatt 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. In Pierson Station, 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 Pierson Station helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $935, found in the 61929 zip code.
Property Tax Assessment Values Across Pierson Station, Illinois
Source: Ownwell
$36,990
$182,133
$327,276
Average Pierson Station Assessed Value
$36,990
Average Piatt County Assessed Value
$166,770
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pierson Station, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61929 | $36,990 | $36,990 | $36,990 | $36,990 | $36,990 |
Source: Ownwell
Property Tax Bills Across Pierson Station, Illinois
In Pierson Station, located in Piatt County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Local assessors determine this assessed value, and it forms the basis for the tax bill. The median home price in Pierson Station is $36,990, and the property tax rate is applied to this assessed value to determine the tax bill. The tax bill in Pierson Station is notably consistent, with the 25th, 75th, and 90th percentiles all at $935. This uniformity suggests a stable tax environment for homeowners. Compared to the national median property tax rate of 0.99%, Pierson Station's property tax rate is relatively straightforward, offering predictability for residents. Homeowners in Pierson Station can expect their property taxes to impact their annual budget in a predictable manner, allowing for better financial planning. This consistency provides a sense of security, knowing that property tax obligations are unlikely to fluctuate significantly year over year.
Average Pierson Station Tax Bill
$935
Average Piatt County Tax Bill
$4,197
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Pierson Station, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61929 | $935 | $935 | $935 | $935 | $935 |
Source: Ownwell