South Pekin, Illinois Property Taxes
The median property tax rate in South Pekin, Illinois is 2.37%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in South Pekin, the typical annual property tax bill reaches $1,564, which is below the national median of $2,690. Property taxes in South Pekin 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 South Pekin'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 South Pekin 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
South Pekin, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.37%
Estimate Property Tax Bill
$1,595
$1,558
Ownwell’s South Pekin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Pekin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Pekin 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 South Pekin, Illinois
Property taxes in South Pekin, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Pekin is 2.37%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within South Pekin set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Pekin 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 South Pekin's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61564 zip code has the highest median property tax rate of 2.37%, while the same zip code also has the lowest median tax rate of 2.37%. Understanding how these cities compare with South Pekin provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Pekin Tax Rate
2.37%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Pekin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61564 | 1.40% | 1.94% | 2.37% | 3.08% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across South Pekin, Illinois
In South Pekin, 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 Tazewell County Assessor 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 South Pekin, 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 South Pekin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in South Pekin is $67,290, with tax bills ranging from $856 at the 25th percentile to $2,578 at the 90th percentile. Notably, the highest and lowest median tax bills are both $1,564 in the 61564 zip code.
Average South Pekin Assessed Value
$67,290
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Pekin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61564 | $24,810 | $46,538 | $67,290 | $84,742 | $101,055 |
Source: Ownwell
Property Tax Bills Across South Pekin, Illinois
In South Pekin, located in Tazewell County, Illinois, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, the median home price in South Pekin is $67,290. Homeowners in this area can expect their tax bills to vary significantly, with the 25th percentile at $856 and the 75th percentile reaching $2,055. At the 90th percentile, tax bills can go up to $2,578. Several factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. The median property tax rate in South Pekin is relatively high compared to the national median of 0.99%, impacting homeowners by increasing their annual expenses. Understanding how these elements interact helps homeowners manage their budgets and anticipate future tax liabilities.
Average South Pekin Tax Bill
$1,564
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across South Pekin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61564 | $520 | $856 | $1,564 | $2,055 | $2,578 |
Source: Ownwell