62880 Property Tax Rate

Property owners in ZIP code 62880 (Saint Peter, Illinois) pay a median of $1,611/year in property taxes on homes valued at $128,400. This translates to an effective tax rate of 1.25%, which is 33% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 62880 is approximately $134, which factors into escrow payments on mortgages. This ZIP code is located within Fayette County. This is $1,890 less than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 62880 has lower property taxes. ZIP codes with similar effective rates include 61955 (1.26%) and 62411 (1.26%).

In Saint Peter, property taxes represent approximately 2.6% of the median household income of $61,250, providing context for the relative tax burden on homeowners in this area.

Illinois law caps annual assessed value growth at 7%, but your home is reassessed to market value upon purchase, potentially increasing your tax bill significantly. Fayette County offers a General Homestead Exemption of $10,000 off assessed value — file this application with the Fayette County Assessor's office within one year of purchase to lock in savings. Contact the Fayette County Assessor immediately after closing to confirm your exemption filing deadline and obtain your Property Tax Appeal deadline, typically 30 days from your assessment notice.