Peotone, Illinois Property Taxes
The median property tax rate in Peotone, IL is 2.02%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Peotone, the typical annual property tax bill reaches $4,229, exceeding the national median of $2,690. Property taxes in Peotone 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 Peotone'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 Peotone 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
Peotone, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Peotone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peotone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peotone 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 Peotone, Illinois
Property taxes in Peotone, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peotone is 2.02%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Peotone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peotone 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 Peotone's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60468 has the highest median property tax rate of 2.02%, while the same zip code also represents the lowest median tax rate of 2.02%. Understanding how these cities compare with Peotone provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peotone Tax Rate
2.02%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peotone, 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, Illinois
In Peotone, 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 local 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 Peotone, 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. With a median home price of $209,700, Peotone's property tax bills range from $3,304 at the 25th percentile to $6,605 at the 90th percentile. Interestingly, the zip code 60468 has both the highest and lowest median tax bill at $4,229. Being aware of these valuation processes in Peotone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Peotone Assessed Value
$209,700
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Peotone, 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, Illinois
In Peotone, located in Will County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Peotone is $209,700. The local tax rate is applied to this assessed value to determine the tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the 25th percentile of tax bills is $3,304, while the 75th percentile is $5,342, and the 90th percentile reaches up to $6,605. The median property tax bill in Peotone stands at $4,229, significantly higher than the national median property tax rate of 0.99%. This substantial tax burden can affect homeowners' budgets, making it crucial for them to understand their property's assessed value and explore potential exemptions. Understanding these factors helps homeowners anticipate their annual tax responsibilities and plan their finances accordingly.
Average Peotone Tax Bill
$4,229
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Peotone, 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