Pekin, Tazewell County, Illinois Property Taxes
Median Pekin, IL effective property tax rate: 2.47%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Pekin, IL home value: $95,700
Median annual Pekin, IL tax bill: $2,325, $75 lower than the national median property tax bill of $2,400.
How are property taxes in Tazewell calculated?
Property taxes in Pekin, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Pekin’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Pekin, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Pekin, Tazewell County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.47%
Estimate Property Tax Bill
$2,364
$2,194
Property Tax Rates Across Pekin, Tazewell County, Illinois
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Pekin’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
Pekin, located in Tazewell County, has a median property tax rate of 2.47%, significantly higher than the national median of 1.02%. This makes it one of the highest in the state, as well as the nation. The median property tax bill in this region is also notably higher compared to the national median of $2400. Such a disparity highlights the importance of understanding local tax assessments and the potential benefits of seeking property tax appeal services to ensure a fair evaluation and possibly reduce your tax burden.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Pekin Tax Rate
2.47%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Tazewell County Tax Rate
2.46%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Pekin, Tazewell County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | 1.74% | 2.18% | 2.47% | 2.75% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across Pekin, Tazewell County, Illinois
When examining property taxes in Pekin, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Tazewell County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Tazewell County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Pekin.
For example, the median home price in Pekin is $95,700, with tax bills ranging significantly across the county. Zip code 61554 has the highest median home price at $95,700.
Property Tax Assessment Values Across Pekin, Tazewell County, Illinois
Source: Ownwell
$67,290
$196,785
$326,280
Median Pekin Market Value
$95,700
Median Tazewell County Market Value
$127,050
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Pekin, Tazewell County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | $48,084 | $70,320 | $95,700 | $145,350 | $206,616 |
Source: Ownwell
Property Tax Bills Across Pekin, Tazewell County, Illinois
Median Pekin Tax Bill
$2,325
Median Tazewell County Tax Bill
$3,118
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Pekin, Tazewell County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | $956 | $1,573 | $2,325 | $3,652 | $5,453 |
Source: Ownwell