Fairview, Illinois Property Taxes
The median property tax rate in Fairview, IL is 3.20%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fairview at $62,147, the typical annual property tax bill reaches $1,084, surpassing the national median of $2,690. Property taxes in Fairview are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fairview'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 Fairview 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
Fairview, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.2%
Estimate Property Tax Bill
$1,989
$1,943
Ownwell’s Fairview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairview 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 Fairview, Illinois
Property taxes in Fairview, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairview is 3.20%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fairview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairview 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 Fairview's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61432 zip code has both the highest and lowest median property tax rate of 3.20%. Understanding how these areas compare with Fairview provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairview Tax Rate
3.20%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairview, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61432 | 1.48% | 2.06% | 3.20% | 3.20% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Fairview, Illinois
In Fairview, 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 local 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 Fairview, 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. Being aware of these valuation processes in Fairview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $1,084 in zip code 61432, while the lowest median tax bill is also $1,084 in the same zip code.
Average Fairview Assessed Value
$62,147
Average Fulton County Assessed Value
$71,967
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairview, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61432 | $23,615 | $42,688 | $62,147 | $83,701 | $110,036 |
Source: Ownwell
Property Tax Bills Across Fairview, Illinois
In Fairview, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local authorities determine the assessed value and apply the appropriate tax rate to calculate the tax bill. The tax rate in Fairview is influenced by various factors, including local budget needs and public services funding. For a typical home with a median price of $62,147, homeowners can expect tax bills that vary significantly, reflecting differences in property values and tax rates within the area. Homeowners in Fairview see a range of tax bills, from the 25th percentile at $382 to the 75th percentile at $1,585, with the 90th percentile reaching $2,181. These variations can significantly impact household budgets, making it crucial for homeowners to understand their tax liabilities. Compared to the national median property tax rate of 0.99%, Fairview's tax rates and resulting bills are influenced by its local economic conditions and public service requirements.
Average Fairview Tax Bill
$1,084
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairview, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61432 | $187 | $382 | $1,084 | $1,585 | $2,181 |
Source: Ownwell