Farmer City, Illinois Property Taxes
The median property tax rate in Farmer City, IL is 1.97%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Farmer City at $157,869, the typical annual property tax bill reaches $3,030, exceeding the national median of $2,690. Property taxes in Farmer City 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 Farmer City'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 Farmer City 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
Farmer City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.97%
Estimate Property Tax Bill
$3,110
$3,039
Ownwell’s Farmer City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmer City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmer City 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 Farmer City, Illinois
Property taxes in Farmer City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmer City is 1.97%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Farmer City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmer City 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 Farmer City's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61842 zip code has the highest median property tax rate of 1.97%, while the same zip code also has the lowest median tax rate of 1.97%. Understanding how these cities compare with Farmer City provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmer City Tax Rate
1.97%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmer City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61842 | 1.75% | 1.87% | 1.97% | 2.03% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Farmer City, Illinois
In Farmer City, 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 McLean County Assessor's Office 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 Farmer City, 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 Farmer City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61842 has the highest and lowest median tax bill at $3,030.
Average Farmer City Assessed Value
$157,869
Average Mclean County Assessed Value
$163,629
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmer City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61842 | $105,100 | $144,700 | $157,869 | $171,195 | $208,251 |
Source: Ownwell
Property Tax Bills Across Farmer City, Illinois
In Farmer City, McLean County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is typically a percentage of the property's market value. The tax rate, or millage rate, is then applied to the assessed value to determine the tax bill. For instance, if the assessed value of a property is $100,000 and the tax rate is 2%, the property tax bill would be $2,000. Several factors influence the final tax bill, including the median home price in the area, which stands at $157,869. Homeowners in Farmer City can expect their tax bills to vary, with the 25th percentile tax bill at $2,720 and the 75th percentile at $3,358. The highest tax bills, in the 90th percentile, can reach up to $4,238. These property taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Farmer City Tax Bill
$3,030
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmer City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61842 | $1,562 | $2,720 | $3,030 | $3,358 | $4,238 |
Source: Ownwell