Fiatt, Illinois Property Taxes
The median property tax rate in Fiatt, IL is 2.69%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fiatt, the typical annual property tax bill reaches $535. Property taxes in Fiatt 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 Fiatt'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 Fiatt 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
Fiatt, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.69%
Estimate Property Tax Bill
$1,370
$1,339
Ownwell’s Fiatt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fiatt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fiatt 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 Fiatt, Illinois
Property taxes in Fiatt, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fiatt is 2.69%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fiatt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fiatt 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 Fiatt's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61433 zip code has the highest median property tax rate of 2.69%, while the same zip code also has the lowest median tax rate of 2.69%. Understanding how these cities compare with Fiatt 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 Fiatt Tax Rate
2.69%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fiatt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61433 | 1.59% | 1.89% | 2.69% | 2.70% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Fiatt, Illinois
In Fiatt, 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 Fulton County Assessor 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 Fiatt, 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 Fiatt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area both stand at $535 in the 61433 zip code.
Average Fiatt Assessed Value
$50,931
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 Fiatt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61433 | $22,060 | $32,493 | $50,931 | $60,165 | $70,246 |
Source: Ownwell
Property Tax Bills Across Fiatt, Illinois
In Fiatt, located in Fulton County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. Homeowners in Fiatt can expect their property tax bill to be influenced by the median home price of $50,931. The tax rate applied in this region determines the final tax bill, which can vary significantly. For instance, the 25th percentile tax bill is around $533, while the 75th percentile tax bill reaches up to $1,048. At the higher end, the 90th percentile tax bill is approximately $1,127. These figures are indicative of the range homeowners might experience, depending on their property's assessed value and applicable exemptions. Comparatively, the national median property tax rate is 0.99%, which provides context for understanding how Fiatt's property taxes align with broader trends. This variability in tax bills highlights the importance of understanding local property tax regulations and how they impact annual financial obligations for homeowners.
Average Fiatt Tax Bill
$535
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fiatt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61433 | $242 | $533 | $535 | $1,048 | $1,127 |
Source: Ownwell