Princeville, Illinois Property Taxes
The median property tax rate in Princeville, IL is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Princeville, the typical annual property tax bill reaches $5,517, exceeding the national median of $2,690. Property taxes in Princeville 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 Princeville'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 Princeville or another part of Stark County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$5,510
$5,113
Ownwell’s Princeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeville 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 Stark County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Princeville, Illinois
Property taxes in Princeville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeville is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Princeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeville 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 Princeville's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61559 has the highest median property tax rate of 2.30%, while the same zip code 61559 also has the lowest median tax rate of 2.30%. Understanding how these areas compare with Princeville provides valuable insights into the varying tax landscape across Stark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Princeville Tax Rate
2.30%
Average Stark County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princeville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61559 | 1.69% | 2.08% | 2.30% | 2.36% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Princeville, Illinois
In Princeville, 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 Stark 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 Princeville, 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 Princeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is in the 61559 zip code, amounting to $5,517.
Average Princeville Assessed Value
$239,577
Average Stark County Assessed Value
$143,110
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Princeville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61559 | $49,094 | $104,919 | $239,577 | $301,836 | $353,350 |
Source: Ownwell
Property Tax Bills Across Princeville, Illinois
In Princeville, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. For example, a home with a median price of $239,577 would have its value assessed by local authorities. The tax rate is then applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and any improvements or renovations can influence the assessed value. Homeowners in Princeville experience a range of property tax bills. At the 25th percentile, tax bills are around $1,912, while at the 75th percentile, they can reach up to $6,504. The highest tax bills, in the 90th percentile, are approximately $7,492. Compared to the national median property tax rate of 0.99%, these figures highlight the variability within the region. Understanding these factors is crucial for homeowners, as property taxes significantly impact annual housing costs and overall affordability. Accurate assessments and knowledge of local tax rates can help homeowners plan their finances more effectively.
Average Princeville Tax Bill
$5,517
Average Stark County Tax Bill
$2,919
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61559 | $610 | $1,912 | $5,517 | $6,504 | $7,492 |
Source: Ownwell