61559 Property Tax Rate

Property owners in ZIP code 61559 (Princeville, Illinois) pay a median of $3,629/year in property taxes on homes valued at $171,500. This translates to an effective tax rate of 2.12%, which is 13% above the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 61559 is approximately $302, which factors into escrow payments on mortgages. This ZIP code is located within Peoria County.

Compared to similar ZIP codes in Illinois, 61559 has higher property taxes. ZIP codes with similar effective rates include 61074 (2.12%) and 61813 (2.11%).

In Princeville, property taxes represent approximately 4.4% of the median household income of $82,500, providing context for the relative tax burden on homeowners in this area.

Illinois law caps assessed value growth at 7% annually under the Property Tax Extension Limitation Law, but your property will be reassessed to market value when you purchase, potentially increasing your tax liability. The General Homestead Exemption provides $10,000 off your assessed value — file with the Peoria County Assessor's office immediately after closing to lock in this reduction. Contact the Peoria County Assessor to confirm the filing deadline and verify your exemption was applied to your first tax bill.