Fenton, Illinois Property Taxes
The median property tax rate in Fenton, IL is 1.87%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fenton, the typical annual property tax bill reaches $2,155, which is below the national median of $2,690. Property taxes in Fenton 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 Fenton'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 Fenton 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
Fenton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.87%
Estimate Property Tax Bill
$2,428
$2,373
Ownwell’s Fenton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fenton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fenton 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 Fenton, Illinois
Property taxes in Fenton, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fenton is 1.87%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fenton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fenton 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 Fenton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61251 zip code has the highest median property tax rate of 1.87%, while the same zip code also has the lowest median tax rate of 1.87%. Understanding how these cities compare with Fenton provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fenton Tax Rate
1.87%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fenton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61251 | 1.25% | 1.65% | 1.87% | 1.97% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Fenton, Illinois
In Fenton, 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 Whiteside 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 Fenton, 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 Fenton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $2,155, found in the 61251 zip code.
Average Fenton Assessed Value
$129,840
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fenton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61251 | $53,450 | $85,641 | $129,840 | $188,134 | $230,684 |
Source: Ownwell
Property Tax Bills Across Fenton, Illinois
In Fenton, located in Whiteside County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local tax authorities determine this assessed value, and it is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in Fenton is $129,840, which gives homeowners an idea of the market value used in these calculations. Several factors influence the final tax bill, including property improvements, neighborhood changes, and local government budgets. For instance, the tax bill at the 25th percentile is $1,317, while at the 75th percentile, it rises to $3,574. At the 90th percentile, homeowners might see a tax bill as high as $4,377. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners' daily lives. Compared to the national median property tax rate of 0.99%, understanding these local nuances helps homeowners anticipate and manage their annual tax responsibilities effectively.
Average Fenton Tax Bill
$2,155
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fenton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61251 | $580 | $1,317 | $2,155 | $3,574 | $4,377 |
Source: Ownwell