La Fayette, Illinois Property Taxes
The median property tax rate in LA FAYETTE, IL is 2.48%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in LA FAYETTE at $65,100, the typical annual property tax bill reaches $1,480, exceeding the national median of $2,690. Property taxes in LA FAYETTE 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 LA FAYETTE'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 LA FAYETTE 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
La Fayette, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.48%
Estimate Property Tax Bill
$1,614
$1,578
Ownwell’s LA FAYETTE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LA FAYETTE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LA FAYETTE 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 La Fayette, Illinois
Property taxes in LA FAYETTE, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in LA FAYETTE is 2.48%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within LA FAYETTE set these rates annually, and they can vary significantly across different neighborhoods. Each year, LA FAYETTE 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 LA FAYETTE's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61449 zip code has the highest median property tax rate of 2.48%, while the same zip code also has the lowest median tax rate of 2.48%. Understanding how these cities compare with LA FAYETTE provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average La Fayette Tax Rate
2.48%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across La Fayette, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61449 | 0.30% | 1.37% | 2.48% | 3.14% | 3.14% |
Source: Ownwell
Property Tax Assessment Values Across La Fayette, Illinois
In LA FAYETTE, 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 Knox 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 LA FAYETTE, 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 LA FAYETTE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Knox County, the zip code 61449 has both the highest and lowest median tax bill at $1,480.
Property Tax Assessment Values Across La Fayette, Illinois
Source: Ownwell
$24,360
$1,314,377
$2,604,393
Average La Fayette Assessed Value
$65,100
Average Knox County Assessed Value
$78,330
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across La Fayette, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61449 | $18,756 | $28,028 | $65,100 | $187,125 | $695,837 |
Source: Ownwell
Property Tax Bills Across La Fayette, Illinois
In La Fayette, located in Knox County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the home's market value, and it serves as the foundation for calculating the tax bill. Various factors, such as the size of the property, its location, and any improvements made, contribute to the assessed value. Once the assessed value is established, local tax rates, which fund essential services like schools, roads, and public safety, are applied. For instance, homeowners in La Fayette with a median home price of $65,100 can expect tax bills ranging from $638 at the 25th percentile to $7,277 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,480, indicating a uniform tax rate within the zip code 61449. These property taxes can significantly impact homeowners, influencing decisions about buying, selling, or improving properties. Understanding how these taxes are calculated helps homeowners budget effectively and plan for future expenses.
Average La Fayette Tax Bill
$1,480
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across La Fayette, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61449 | $318 | $638 | $1,480 | $2,825 | $7,277 |
Source: Ownwell