Peru, Bureau County, Illinois Property Taxes

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

Median Peru, IL effective property tax rate: 2.47%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Peru, IL home value: $201,330
Median annual Peru, IL tax bill: $5,361, $2,961 higher than the national median property tax bill of $2,400.

How are property taxes in Bureau County calculated?

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

Last Updated March 1, 2025

Peru, Bureau County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.47%

Estimate Property Tax Bill

$4,973

$4,615

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

Property Tax Rates Across Peru, Bureau County, Illinois

Local government entities are responsible for setting tax rates, which can significantly differ across a state. This variation occurs because each county annually estimates its budgetary needs to fund public services and then divides this amount by the total assessed value of all taxable properties within its boundaries. The resulting figure is the property tax rate. Although votes and legislative measures play a role in determining tax rates and budgets, this is essentially the yearly procedure.

In Peru, located in Bureau County, Illinois, the effective property tax rate is notably higher than the national median of 1.02%. This higher rate underscores the importance of understanding local tax dynamics and how they compare to broader benchmarks. Within Illinois, property tax rates can be quite diverse, reflecting the distinct financial needs and property values of different areas. By comparing Peru’s property tax rate to other cities in Illinois and the national median, property owners can gain valuable insight into their tax obligations and explore potential opportunities for appeals or exemptions.

Property Tax Rates Across Peru, Bureau County, Illinois

Source: Ownwell

1.53%

2.27%

3.01%

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 Peru Tax Rate

2.47%

Median Effective Bureau County Tax Rate

2.33%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Peru, Bureau County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61354	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Peru, Bureau County, Illinois

When examining property taxes in Peru, 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 Bureau County Assessor 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 Bureau 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 Peru.

For example, the median home price in Peru is $201,330, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Peru, Bureau County, Illinois

Source: Ownwell

$45,459

$138,476

$231,492

Median Peru Market Value

$201,330

Median Bureau County Market Value

$89,799

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Peru, Bureau County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61354	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Peru, Bureau County, Illinois

In Peru, located in Bureau County, IL, property tax bills are determined by assessing the property's market value and applying the local tax rate. With a median home price of $201,330, homeowners in Peru face property tax bills that can vary significantly. The 25th percentile tax bill stands at $4,240, while the 75th percentile reaches $5,455, and the 90th percentile is slightly higher at $5,496. These figures are notably higher than the national median property tax bill of $2,400, reflecting the significant impact property taxes have on homeowners in this area. Various factors, including local government budgets and school district funding needs, influence the tax rate, often resulting in higher-than-average bills for residents. Ownwell offers a solution by providing property tax appeal and exemption services, helping homeowners potentially reduce their tax obligations. By analyzing property assessments and identifying discrepancies, Ownwell assists homeowners in Peru in navigating the complex property tax system, ensuring they only pay their fair share.

Property Tax Bills Across Peru, Bureau County, Illinois

Source: Ownwell

$514

$2,463

$4,412

Median Peru Tax Bill

$5,361

Median Bureau County Tax Bill

$2,024

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Peru, Bureau County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61354	N/A	N/A	N/A	N/A	N/A

Source: Ownwell