Pearl City, Illinois Property Taxes
The median property tax rate in Pearl City, IL is 2.57%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Pearl City at $92,499, the typical annual property tax bill reaches $2,279, which is below the national median of $2,690. Property taxes in Pearl City 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 Pearl City'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 Pearl City 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
Pearl City, 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 Pearl City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pearl City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pearl City 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 Pearl City, Illinois
Property taxes in Pearl City, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pearl City is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Pearl City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pearl City 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 Pearl City's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61062 zip code has the highest median property tax rate of 2.57%, while the same zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with Pearl City provides valuable insights into the varying tax landscape across Stephenson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pearl City Tax Rate
2.57%
Average Stephenson County Tax Rate
3.21%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pearl City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61062 | 1.98% | 2.32% | 2.57% | 2.97% | 3.21% |
Source: Ownwell
Property Tax Assessment Values Across Pearl City, Illinois
In Pearl City, 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 Stephenson 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 Pearl City, 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 Pearl City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,279, found in zip code 61062.
Average Pearl City Assessed Value
$92,499
Average Stephenson County Assessed Value
$60,276
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pearl City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61062 | $45,750 | $69,375 | $92,499 | $128,313 | $225,903 |
Source: Ownwell
Property Tax Bills Across Pearl City, Illinois
Property tax bills in Pearl City, located in Stephenson County, IL, are determined based on the assessed value of a property, which is a percentage of its market value. Homeowners in Pearl City see a range of property tax bills, with the 25th percentile at $1,778 and the 75th percentile reaching $3,453. The highest median tax bill in the area is $2,279, which aligns with the lowest median tax bill, indicating a consistent tax rate across different properties. The tax rate in Pearl City is influenced by local government budgets, school funding, and public services, all of which are essential for maintaining community infrastructure and services. This rate is then applied to the assessed value of the property to calculate the final tax bill. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual financial planning. With a national median property tax rate of 0.99%, Pearl City's rates reflect the region's specific fiscal needs and priorities.
Average Pearl City Tax Bill
$2,279
Average Stephenson County Tax Bill
$1,883
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Pearl City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61062 | $1,470 | $1,778 | $2,279 | $3,453 | $5,247 |
Source: Ownwell