East Peoria, Woodford County, Illinois Property Taxes
Median East Peoria, IL effective property tax rate: 2.39%, significantly higher than the national median of 1.02%, but higher than the Illinois state median of 2.35%.
Median East Peoria, IL home value: $146,655
Median annual East Peoria, IL tax bill: $3,256, $856 higher than the national median property tax bill of $2,400.
How are property taxes in Woodford County calculated?
Property taxes in East Peoria, 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 East Peoria’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in East Peoria, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
East Peoria, Woodford County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.39%
Estimate Property Tax Bill
$3,505
$3,253
Property Tax Rates Across East Peoria, Woodford County, Illinois
Local government entities set tax rates, which can vary widely within a state. Each year, counties estimate their required budget to provide services and divide that by the total value of all taxable property within their jurisdiction. This calculation results in the property tax rate. While votes and laws are involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In East Peoria, located in Tazewell County, Illinois, residents experience a property tax rate that stands out when compared to both state and national figures. The effective property tax rate here is significantly higher than the national median of 1.02%. This places East Peoria among the regions with the highest property tax rates in Illinois, where the median state property tax rate is also notably higher than the national average.
For homeowners in East Peoria, understanding these rates is crucial, as they can significantly impact annual property tax bills, which may exceed the national median of $2,400. By staying informed and exploring potential exemptions or appeals, residents can better manage their property tax responsibilities.
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 East Peoria Tax Rate
2.39%
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 Woodford County Tax Rate
2.44%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across East Peoria, Woodford County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61611 | 1.95% | 2.22% | 2.39% | 2.60% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across East Peoria, Woodford County, Illinois
When examining property taxes in East Peoria, 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 Woodford 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 Woodford County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 East Peoria. For example, the median home price in East Peoria is $146,655, with tax bills ranging significantly across the county. Zip code 61611 has the highest median home price at $146,655.
Property Tax Assessment Values Across East Peoria, Woodford County, Illinois
Source: Ownwell
$76,683
$160,575
$244,467
Median East Peoria Market Value
$146,655
Median Woodford County Market Value
$138,837
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across East Peoria, Woodford County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61611 | $12,391 | $84,855 | $146,655 | $210,675 | $272,558 |
Source: Ownwell
Property Tax Bills Across East Peoria, Woodford County, Illinois
In East Peoria, located in Woodford County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in this area face a median property tax bill of $3,256, which is higher than the national median of $2,400. The tax bill can vary significantly, with the 25th percentile at $1,766 and the 75th percentile at $4,974, reflecting the diverse range of property values. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax bill. For homeowners, these taxes represent a significant financial obligation, often affecting their overall budget and financial planning.
Ownwell offers expertise in property tax appeals and exemptions, helping homeowners potentially reduce their tax burdens. By analyzing property assessments and identifying discrepancies or opportunities for exemptions, Ownwell can assist homeowners in East Peoria in achieving fairer tax assessments, ultimately leading to savings on their property tax bills.
Median East Peoria Tax Bill
$3,256
Median Woodford County Tax Bill
$3,222
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across East Peoria, Woodford County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61611 | $333 | $1,766 | $3,256 | $4,974 | $6,599 |
Source: Ownwell