Fisher, Illinois Property Taxes
The median property tax rate in Fisher, IL is 2.09%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fisher at $145,830, the typical annual property tax bill reaches $2,980, exceeding the national median of $2,690. Property taxes in Fisher are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fisher's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fisher or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fisher, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Fisher Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fisher with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fisher to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fisher, Illinois
Property taxes in Fisher, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fisher is 2.09%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fisher set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fisher estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Fisher's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61843 zip code has the highest median property tax rate of 2.09%, while the same zip code also has the lowest median tax rate of 2.09%. Understanding how these cities compare with Fisher provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fisher Tax Rate
2.09%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fisher, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61843 | 1.67% | 1.94% | 2.09% | 2.21% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Fisher, Illinois
In Fisher, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Champaign County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Fisher, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest median tax bill in the area is $2,980 in the 61843 zip code, while the lowest median tax bill is also $2,980 in the same zip code. Being aware of these valuation processes in Fisher helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fisher Assessed Value
$145,830
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fisher, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61843 | $82,212 | $110,355 | $145,830 | $200,250 | $245,454 |
Source: Ownwell
Property Tax Bills Across Fisher, Illinois
In Fisher, located in Champaign County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. The tax rate, or millage rate, is then applied to the assessed value to calculate the annual property tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. Homeowners in Fisher face a range of property tax bills. For instance, the 25th percentile tax bill stands at $2,148, while the 75th percentile reaches $4,247. At the higher end, the 90th percentile tax bill can rise to $5,353. These figures illustrate the variability in tax burdens, which can significantly impact homeowners' finances. Compared to the national median property tax rate of 0.99%, Fisher's property tax rates and bills highlight the importance of understanding local tax assessments and their implications on household budgets.
Average Fisher Tax Bill
$2,980
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fisher, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61843 | $1,471 | $2,148 | $2,980 | $4,247 | $5,353 |
Source: Ownwell