Penfield, Illinois Property Taxes
The median property tax rate in Penfield, IL is 2.75%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Penfield at $116,316, the typical annual property tax bill reaches $2,765, slightly exceeding the national median of $2,690. Property taxes in Penfield 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 Penfield'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 Penfield 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
Penfield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.75%
Estimate Property Tax Bill
$3,199
$2,968
Ownwell’s Penfield Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Penfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Penfield 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 Penfield, Illinois
Property taxes in Penfield, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penfield is 2.75%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Penfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penfield 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 Penfield's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61862 has both the highest and lowest median property tax rate of 2.75%. Understanding how these areas compare with Penfield provides valuable insights into the varying tax landscape across Vermilion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Penfield Tax Rate
2.75%
Average Vermilion County Tax Rate
2.53%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Penfield, 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, Illinois
In Penfield, 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 Vermilion 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 Penfield, 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. For instance, the median home price in Penfield is $116,316, with tax bills ranging from $954 at the 25th percentile to $5,049 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 61862, with a value of $2,765. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Penfield Assessed Value
$116,316
Average Vermilion County Assessed Value
$59,223
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Penfield, 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, Illinois
In Penfield, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the home's market value, location, and any applicable exemptions are considered in this process. For instance, the median home price in Penfield is $116,316, and property tax bills can range significantly. Homeowners in the 25th percentile pay around $954, while those in the 75th percentile see bills closer to $4,349. At the 90th percentile, tax bills can reach up to $5,049. These variations can significantly impact homeowners' finances, making it crucial to understand how assessments and local tax rates influence their annual obligations. Comparing this to the national median property tax rate of 0.99%, homeowners in Penfield may find their tax bills either higher or lower depending on their property's assessed value and the specific tax rate applied.
Average Penfield Tax Bill
$2,765
Average Vermilion County Tax Bill
$1,325
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Penfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61862 | $349 | $954 | $2,765 | $4,349 | $5,049 |
Source: Ownwell