61603 Property Tax Rate

Property owners in ZIP code 61603 (Peoria, Illinois) pay a median of $1,594/year in property taxes on homes valued at $73,100. This translates to an effective tax rate of 2.18%, which is 16% above the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 61603 is approximately $133, which factors into escrow payments on mortgages. This ZIP code is located within Peoria County. This is $1,907 less than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 61603 has higher property taxes. ZIP codes with similar effective rates include 60914 (2.18%) and 62243 (2.18%).

In Peoria, property taxes represent approximately 3.9% of the median household income of $40,405, providing context for the relative tax burden on homeowners in this area.

If you're considering purchasing a home in 61603, keep in mind that property taxes are based on the assessed value assigned by the local assessor, which may differ from the purchase price. In some states, properties are reassessed at or near the sale price upon transfer of ownership. For the most current tax information for a specific property, consult Peoria County's tax assessor directly.