Peru, Illinois Property Taxes
The median property tax rate in Peru, IL is 2.27%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Peru at $182,662, the typical annual property tax bill reaches $4,141, exceeding the national median of $2,690. Property taxes in Peru 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 Peru'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 Peru or another part of Putnam County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Peru, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.27%
Estimate Property Tax Bill
$4,146
$3,848
Ownwell’s Peru Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peru with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peru 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 Peru, Illinois
Property taxes in Peru, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peru is 2.27%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Peru set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peru 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 Peru's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61354 zip code has the highest median property tax rate of 2.27%, while the 61354 zip code also has the lowest median tax rate of 2.27%. Understanding how these cities compare with Peru provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peru Tax Rate
2.27%
Average Putnam County Tax Rate
2.42%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peru, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61354 | 2.24% | 2.25% | 2.27% | 2.29% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Peru, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Peru, Illinois. 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 Putnam 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 Peru, 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. For instance, the highest median tax bill in Peru is $4,141 in the 61354 zip code, which aligns with the lowest median tax bill, also $4,141. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Peru Assessed Value
$182,662
Average Putnam County Assessed Value
$129,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Peru, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61354 | $169,833 | $174,644 | $182,662 | $190,681 | $195,492 |
Source: Ownwell
Property Tax Bills Across Peru, Illinois
In Peru, located in Putnam County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Homeowners in Peru experience property tax bills with a median of $4,141, which is significantly higher than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. For example, the 25th percentile tax bill in Peru is $3,996, while the 75th percentile reaches $4,286, and the 90th percentile is even higher at $4,373. These figures indicate a relatively narrow range of property tax bills, reflecting the consistency in property values and tax assessments within the area. Homeowners must budget for these taxes, as they are a substantial component of homeownership costs in Peru.
Average Peru Tax Bill
$4,141
Average Putnam County Tax Bill
$3,342
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Peru, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61354 | $3,909 | $3,996 | $4,141 | $4,286 | $4,373 |
Source: Ownwell