Farmer City, Illinois Property Taxes
The median property tax rate in Farmer City, IL is 3.20%, significantly 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 $185,325, the typical annual property tax bill reaches $6,510, far 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
3.2%
Estimate Property Tax Bill
$5,930
$5,795
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, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmer City is 2.06%, significantly higher than both the Illinois state median of 2.27% 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 2.06%, while the same zip code also has the lowest median tax rate of 2.06%. Understanding how these cities compare with Farmer City provides valuable insights into the varying tax landscape across Piatt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmer City Tax Rate
3.20%
Average Piatt County Tax Rate
2.43%
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 | 2.37% | 2.74% | 3.20% | 3.27% | 3.28% |
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 Piatt 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 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 median home price in Farmer City is $185,325, with the highest and lowest median tax bills both recorded at $6,510 in the 61842 zip code.
Average Farmer City Assessed Value
$185,325
Average Piatt County Assessed Value
$166,770
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 | $19,855 | $132,846 | $185,325 | $389,829 | $855,966 |
Source: Ownwell
Property Tax Bills Across Farmer City, Illinois
Property tax bills in Farmer City, IL, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Various factors contribute to this valuation, including the property's location, size, and condition. Once the assessed value is established, local tax rates, set by taxing authorities, are applied to determine the final tax bill. In Farmer City, the median home price is $185,325. Homeowners in this area can expect a wide range of property tax bills. For instance, the 25th percentile tax bill is approximately $3,943, while the 75th percentile reaches around $12,768. The 90th percentile tax bill can be as high as $27,409. These figures indicate significant variability depending on the property's assessed value and the applicable tax rate. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Farmer City to understand how their local rates and assessed values impact their annual tax obligations.
Average Farmer City Tax Bill
$6,510
Average Piatt County Tax Bill
$4,197
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 | $2,896 | $3,943 | $6,510 | $12,768 | $27,409 |
Source: Ownwell