62348 Property Tax Rate

Property owners in ZIP code 62348 (Lima, Illinois) pay a median of $1,688/year in property taxes on homes valued at $112,500. This translates to an effective tax rate of 1.50%, which is 20% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 62348 is approximately $141, which factors into escrow payments on mortgages. This ZIP code is located within Adams County. This is $1,813 less than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 62348 has higher property taxes. ZIP codes with similar effective rates include 62443 (1.50%) and 62086 (1.50%).

In Lima, property taxes represent approximately 1.9% of the median household income of $87,639, providing context for the relative tax burden on homeowners in this area.

Illinois's 7% annual cap on assessed value increases ensures your property tax grows predictably and cannot spiral upward with market trends. Adams County's General Homestead Exemption ($10,000 assessed value reduction) cuts taxes by approximately $156–$312 per year for owner-occupied homes. Register your homestead exemption with the Adams County Assessor's office within one month of closing to secure this tax break.