Farmington, Illinois Property Taxes
The median property tax rate in Farmington, IL is 2.60%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Farmington, the typical annual property tax bill reaches $1,430, which is below the national median of $2,690. Property taxes in Farmington 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 Farmington'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 Farmington 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
Farmington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.6%
Estimate Property Tax Bill
$2,353
$2,300
Ownwell’s Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Illinois
Property taxes in Farmington, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 2.60%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61531 zip code has both the highest and lowest median property tax rate of 2.60%. Understanding how these areas compare with Farmington 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 Farmington Tax Rate
2.60%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61531 | 1.47% | 2.06% | 2.60% | 3.27% | 3.27% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Illinois
In Farmington, Illinois, understanding the distinction between "market value" and "assessed value" is vital for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Fulton County Assessor for tax purposes. The assessed value, on the other hand, is the market value minus any applicable exemptions or limits based on local laws and available programs. This assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Farmington, assessment notices are typically mailed out in the spring, generally by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. Understanding these valuation concepts allows property owners to better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these processes in Farmington helps identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively. Notably, the highest and lowest median tax bills in Farmington are both $1,430, found in the 61531 zip code.
Average Farmington Assessed Value
$90,511
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 Farmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61531 | $39,177 | $63,108 | $90,511 | $125,630 | $177,688 |
Source: Ownwell
Property Tax Bills Across Farmington, Illinois
In Farmington, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value and is used as the basis for calculating the tax bill. Once the assessed value is established, local tax rates, which vary depending on the needs of the county and local services, are applied. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For example, the median home price in Farmington is $90,511. Homeowners in the 25th percentile can expect a tax bill around $880, while those in the 75th percentile might see bills closer to $2,328. At the 90th percentile, tax bills can reach up to $3,274. These property taxes significantly impact homeowners by contributing to essential local services such as schools, emergency services, and infrastructure. Understanding how these factors interplay helps homeowners better anticipate their annual property tax obligations.
Average Farmington Tax Bill
$1,430
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61531 | $508 | $880 | $1,430 | $2,328 | $3,274 |
Source: Ownwell