Penfield, Vermilion County, Illinois Property Taxes

Name: Property Tax Bills Across Penfield, Vermilion County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Penfield, IL effective property tax rate: 2.75%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Penfield, IL home value: $116,316
Median annual Penfield, IL tax bill: $2,765, $365 higher than the national median property tax bill of $2,400.

How are property taxes in Vermilion County calculated?

Property taxes in Penfield, 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 Penfield’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Penfield, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Penfield, Vermilion County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.75%

Estimate Property Tax Bill

$3,199

$2,968

Ownwell’s Penfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Penfield with just two data points.

By entering your property's estimated assessed value, our calculator applies Penfield’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Vermilion County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Penfield, Vermilion County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, 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 Penfield’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. In Penfield, part of Vermilion County, the property tax landscape is particularly noteworthy. The median property tax rate here stands at 2.75%, which is significantly higher than the national median of 1.02%. Residents in this area are subject to one of the highest property tax rates in the state. Such a high rate can greatly impact homeowners, making property tax appeals and exemptions a valuable consideration for those looking to manage their expenses. Understanding these dynamics can help property owners make informed decisions about their financial obligations and potential savings.

Property Tax Rates Across Penfield, Vermilion County, Illinois

Source: Ownwell

2.05%

2.46%

2.86%

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 Penfield Tax Rate

2.75%

Median Effective Vermilion County Tax Rate

2.53%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Penfield, Vermilion County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61862	1.67%	2.31%	2.75%	2.75%	2.75%

Source: Ownwell

Property Tax Assessment Values Across Penfield, Vermilion County, Illinois

When examining property taxes in Penfield, 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 Vermilion County Assessor's Office 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 Vermilion County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Penfield.

For example, the median home price in Penfield is $116,316, with tax bills ranging significantly across the county. Zip code 61862 has the highest median home price at $116,316.

Property Tax Assessment Values Across Penfield, Vermilion County, Illinois

Source: Ownwell

$28,646

$72,481

$116,316

Median Penfield Market Value

$116,316

Median Vermilion County Market Value

$59,223

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Penfield, Vermilion County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61862	$29,658	$51,630	$116,316	$159,198	$207,714

Source: Ownwell

Property Tax Bills Across Penfield, Vermilion County, Illinois

In Penfield, located in Vermilion County, IL, property tax bills are determined by the assessed value of a home multiplied by the local tax rate. The assessed value is a percentage of the market value, which can fluctuate based on the housing market and any improvements made to the property. With a median home price of $116,316, homeowners in Penfield face a median property tax bill that can vary significantly. For instance, the tax bill at the 25th percentile is $954, while at the 75th percentile, it rises to $4,349. This variability highlights the importance of understanding and potentially contesting the assessed value to ensure fair taxation.

Compared to the national median property tax rate of 1.02% and a median tax bill of $2,400, Penfield's figures underscore the potential for savings. Ownwell assists homeowners by analyzing their property tax assessments and identifying opportunities for appeals or exemptions. By leveraging expert knowledge and local data, Ownwell can help homeowners in Penfield potentially reduce their property tax bills and achieve significant savings.

Property Tax Bills Across Penfield, Vermilion County, Illinois

Source: Ownwell

$561

$1,728

$2,894

Median Penfield Tax Bill

$2,765

Median Vermilion County Tax Bill

$1,325

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Penfield, Vermilion County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61862	$349	$954	$2,765	$4,349	$5,049

Source: Ownwell