North Pekin, Tazewell County, Illinois Property Taxes
Median NORTH PEKIN, IL effective property tax rate: 1.96%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median NORTH PEKIN, IL home value: $82,650
Median annual NORTH PEKIN, IL tax bill: $1,589, $811 lower than the national median property tax bill of $2,400.
How are property taxes in Tazewell calculated?
Property taxes in NORTH PEKIN, 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 NORTH PEKIN’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in NORTH PEKIN, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
North Pekin, Tazewell County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.96%
Estimate Property Tax Bill
$1,620
$1,503
Property Tax Rates Across North Pekin, Tazewell County, Illinois
Local governments determine property tax rates, which can differ significantly even within the same state. This is because each year, counties like Tazewell estimate the budget needed to provide public services and divide this by the total assessed value of all taxable properties within the county. This process establishes the property tax rate. Although setting tax rates and budgets involves votes and regulations, this is the basic annual procedure.
In North Pekin, located in Tazewell County, the effective property tax rate is 1.96%. This rate is notably higher than the national median property tax rate of 1.02%. When compared to other cities in Illinois, North Pekin's rate is consistent with the state's median. However, it stands out when compared to the national average, resulting in a higher property tax bill than the national median of $2,400. For residents, understanding these rates is crucial for financial planning and property investment decisions. Knowing the local and national tax landscapes can help property owners make informed decisions about appealing their property taxes or seeking exemptions.
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 North Pekin Tax Rate
1.96%
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 Tazewell County Tax Rate
2.46%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across North Pekin, Tazewell County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | 1.33% | 1.68% | 1.96% | 2.24% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across North Pekin, Tazewell County, Illinois
When examining property taxes in North Pekin, 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 Tazewell County appraisal district 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.
Assessment notices: In Tazewell 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 North Pekin.
For example, the median home price in North Pekin is $82,650, with tax bills ranging significantly across the county. ZIP code 61554 has the highest median home price at $82,650.
Property Tax Assessment Values Across North Pekin, Tazewell County, Illinois
Source: Ownwell
$67,290
$196,785
$326,280
Median North Pekin Market Value
$82,650
Median Tazewell County Market Value
$127,050
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across North Pekin, Tazewell County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | $53,754 | $66,450 | $82,650 | $111,750 | $146,430 |
Source: Ownwell
Property Tax Bills Across North Pekin, Tazewell County, Illinois
In North Pekin, located in Tazewell County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. With a median home price of $82,650, homeowners can expect their property tax bills to vary significantly. The median property tax bill in the area is $1,589, which is below the national median of $2,400. However, tax bills can range from the 25th percentile at $1,151 to the 90th percentile at $3,172, indicating a wide variation based on property value and other factors. These factors may include the specific tax rate set by local authorities and any applicable exemptions or deductions.
For homeowners in North Pekin, the impact of property taxes on household budgets can be significant, especially for those with higher assessed values. Ownwell offers valuable assistance by helping homeowners navigate the complexities of property tax assessments and identify potential savings. Through expert guidance and appeal services, Ownwell can help reduce property tax bills, ensuring homeowners pay only their fair share.
Median North Pekin Tax Bill
$1,589
Median Tazewell County Tax Bill
$3,118
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across North Pekin, Tazewell County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61554 | $769 | $1,151 | $1,589 | $2,313 | $3,172 |
Source: Ownwell