Peotone, Will County, Illinois Property Taxes

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

Median Peotone, IL effective property tax rate: 2.02%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Peotone, IL home value: $209,700
Median annual Peotone, IL tax bill: $4,229, $1,829 higher than the national median property tax bill of $2,400.

How are property taxes in Will County calculated?

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

Last Updated March 1, 2025

Peotone, Will County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.02%

Estimate Property Tax Bill

$4,236

$3,931

Ownwell’s Peotone Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Peotone with just two data points. By entering your property's estimated assessed value, our calculator applies Peotone’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 Will County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Peotone, Will County, Illinois

Local government entities set tax rates, which can vary widely within a state. This variation is due to each county estimating its required budget for services and dividing that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the annual process in a nutshell. In Peotone, located in Will County, Illinois, the effective property tax rate is notably higher than the national median of 1.02%. This means that residents in Peotone face a more substantial property tax burden compared to many other areas in the U.S. The median property tax rate in Illinois also surpasses the national average, reflecting the state's reliance on property taxes for funding local services. Comparing Peotone's effective tax rate to other cities in Illinois and across the U.S. highlights the importance of understanding local tax dynamics for property owners.

Property Tax Rates Across Peotone, Will County, Illinois

Source: Ownwell

1.73%

3.67%

5.61%

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 Peotone Tax Rate

2.02%

Median Effective Will County Tax Rate

2.62%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Peotone, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60468	1.74%	1.92%	2.02%	2.10%	2.22%

Source: Ownwell

Property Tax Assessment Values Across Peotone, Will County, Illinois

When examining property taxes in Peotone, Illinois, 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 Will County assessment 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 Will 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 Peotone.

For example, the median home price in Peotone is $209,700, with tax bills ranging significantly across the county. Zip code 60468 has the highest median home price at $209,700.

Property Tax Assessment Values Across Peotone, Will County, Illinois

Source: Ownwell

$101,070

$390,154

$679,238

Median Peotone Market Value

$209,700

Median Will County Market Value

$251,502

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Peotone, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60468	$140,278	$169,116	$209,700	$262,708	$317,365

Source: Ownwell

Property Tax Bills Across Peotone, Will County, Illinois

In Peotone, located in Will County, IL, property tax bills are determined by assessing the market value of a home and applying the local tax rate. With a median home price of $209,700, homeowners in this area face property tax bills that can vary significantly. The 25th percentile tax bill is $3,304, while the 75th percentile reaches $5,342, and the 90th percentile climbs to $6,605. Notably, the median tax bill in Peotone is $4,229, which is higher than the national median property tax bill of $2,400. This discrepancy highlights the impact of local tax rates and assessed values on homeowners' financial responsibilities. Homeowners in Peotone often find themselves paying more than the national average, which can strain their budgets. Ownwell offers a solution by providing expert property tax appeal and exemption services. By leveraging local expertise and data-driven insights, Ownwell helps homeowners potentially reduce their property tax bills, ensuring they pay only their fair share and alleviating financial pressure.

Property Tax Bills Across Peotone, Will County, Illinois

Source: Ownwell

$1,870

$11,744

$21,617

Median Peotone Tax Bill

$4,229

Median Will County Tax Bill

$6,703

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Peotone, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60468	$2,621	$3,304	$4,229	$5,342	$6,605

Source: Ownwell