Speer, Peoria County, Illinois Property Taxes

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

Median Speer, IL effective property tax rate: 2.42%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Speer, IL home value: $152,490
Median annual Speer, IL tax bill: $3,695, $1,295 higher than the national median property tax bill of $2,400.

How are property taxes in Peoria calculated?

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

Last Updated March 1, 2025

Speer, Peoria County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.43%

Estimate Property Tax Bill

$4,272

$3,964

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

Property Tax Rates Across Speer, Peoria County, Illinois

Local government entities set tax rates, which can vary widely within a state. This is because each county annually estimates its required budget to provide essential services and divides 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 essentially the annual process.

In Speer, located in Peoria County, Illinois, the effective property tax rate is notably higher than the national median. Compared to Illinois's statewide median property tax rate, Speer's rate reflects the county's unique budgetary needs and property values. This can be attributed to the local government's efforts to maintain public services and infrastructure, which often require substantial funding.

Understanding how Speer's tax rate compares to other cities in Illinois and the national median can be insightful for property owners. Such knowledge can assist homeowners in making informed decisions about property investments and tax appeals. By staying informed about local tax trends, property owners in Speer can better navigate the complexities of property tax assessments and potentially benefit from appealing their property taxes.

Property Tax Rates Across Speer, Peoria County, Illinois

Source: Ownwell

2.13%

2.57%

3.02%

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 Speer Tax Rate

2.43%

Median Effective Peoria County Tax Rate

2.62%

Median Effective Illinois Tax Rate

2.33%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Speer, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61479	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Speer, Peoria County, Illinois

When examining property taxes in Speer, 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 Peoria 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 Peoria 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 Speer. For example, the median home price in Speer is $152,490, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Speer, Peoria County, Illinois

Source: Ownwell

$1,440

$145,470

$289,500

Median Speer Market Value

$175,800

Median Peoria County Market Value

$109,950

Median Illinois Market Value

$227,888

Median United States Market Value

$235,294

Property Tax Assessment Values Across Speer, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61479	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Speer, Peoria County, Illinois

In the city of Speer in Peoria County, IL, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. Homeowners in Speer face a median property tax rate that is above the national median of 1.02%. The tax bill is determined by multiplying the assessed value by the local tax rate, which varies by taxing district. Factors such as the property's location, size, and improvements can influence its assessed value. For homeowners in Speer, property tax bills can range significantly, with the 25th percentile at $3,164 and the 75th percentile reaching $3,799. This can place a considerable financial burden on homeowners, especially when compared to the national median property tax bill of $2,400. Ownwell can help homeowners in Speer reduce their property tax bills by offering expert property tax appeal services. By analyzing property assessments and identifying discrepancies, Ownwell ensures homeowners only pay their fair share, potentially saving them thousands of dollars annually.

Property Tax Bills Across Speer, Peoria County, Illinois

Source: Ownwell

$41

$3,757

$7,472

Median Speer Tax Bill

$4,278

Median Peoria County Tax Bill

$2,655

Median Illinois Tax Bill

$5,277

Median United States Tax Bill

$2,400

Property Tax Bills Across Speer, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61479	N/A	N/A	N/A	N/A	N/A

Source: Ownwell