Vermont, Illinois Property Taxes
The median property tax rate in Vermont, IL is 3.59%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Vermont, the typical annual property tax bill reaches $708, which is significantly lower than the national median of $2,690. Property taxes in Vermont 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 Vermont'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 Vermont 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
Vermont, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Vermont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vermont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vermont 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 Vermont, Illinois
Property taxes in Vermont, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vermont is 3.59%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Vermont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vermont 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 Vermont's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61484 has the highest median property tax rate of 3.59%, while the same zip code also has the lowest median tax rate of 3.59%. Understanding how these areas compare with Vermont 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 Vermont Tax Rate
3.59%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vermont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61484 | 1.17% | 2.02% | 3.59% | 3.60% | 3.61% |
Source: Ownwell
Property Tax Assessment Values Across Vermont, Illinois
In Vermont, 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 Vermont, 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. For instance, the median home price in Vermont is $39,910, with tax bills ranging from $291 at the 25th percentile to $1,130 at the 75th percentile, and $1,606 at the 90th percentile. The highest and lowest median tax bills are both $708, found in the 61484 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vermont Assessed Value
$39,910
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 Vermont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61484 | $7,580 | $21,652 | $39,910 | $55,406 | $81,892 |
Source: Ownwell
Property Tax Bills Across Vermont, Illinois
In Vermont, Illinois, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the tax bill. For example, in Fulton County, the median home price is $39,910, which significantly impacts the tax bills. Homeowners in Vermont, IL, experience a range of property tax bills. The 25th percentile tax bill is $291, while the 75th percentile tax bill is $1,130, and the 90th percentile tax bill reaches $1,606. These variations are influenced by factors such as property location, improvements, and local government budgets. The highest and lowest median tax bills in the area are both $708, indicating some level of consistency within specific zip codes. Compared to the national median property tax rate of 0.99%, Vermont, IL, offers relatively affordable property taxes, which can be a significant factor for homeowners when considering the overall cost of living.
Average Vermont Tax Bill
$708
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Vermont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61484 | $152 | $291 | $708 | $1,130 | $1,606 |
Source: Ownwell