East Peoria, Illinois Property Taxes
The median property tax rate in East Peoria, IL is 2.39%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $146,655 in East Peoria, the typical annual property tax bill reaches $3,256, surpassing the national median of $2,690. Property taxes in East Peoria are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding East Peoria's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of East Peoria or another part of Woodford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
East Peoria, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$3,505
$3,425
Ownwell’s East Peoria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Peoria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Peoria 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 East Peoria, Illinois
Property taxes in East Peoria, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Peoria is 2.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within East Peoria set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Peoria 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 East Peoria's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61611 zip code has the highest median property tax rate of 2.39%, while the same zip code also has the lowest median tax rate of 2.39%. Understanding how these areas compare with East Peoria provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average East Peoria Tax Rate
2.39%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Peoria, 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, Illinois
In East Peoria, 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 authority 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 East Peoria, 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. Being aware of these valuation processes in East Peoria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in East Peoria is $146,655, with the median tax bill ranging from $1,766 at the 25th percentile to $6,599 at the 90th percentile. The zip code 61611 has the highest and lowest median tax bill of $3,256.
Average East Peoria Assessed Value
$146,655
Average Woodford County Assessed Value
$138,837
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across East Peoria, 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, Illinois
In East Peoria, property tax bills are determined based on the assessed value of a home, which is a percentage of the market value. The local tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including the home's market value, the local tax rate, and any applicable exemptions or deductions. For instance, the median home price in East Peoria stands at $146,655. Homeowners in East Peoria experience varied tax bills. The 25th percentile tax bill is around $1,766, while those in the 75th percentile pay approximately $4,974. At the 90th percentile, the tax bill can reach up to $6,599. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and assessed values impact their financial obligations. With the highest median tax bill in the area being $3,256 in zip code 61611, local homeowners must plan accordingly to manage these expenses effectively.
Average East Peoria Tax Bill
$3,256
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across East Peoria, 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