Fayetteville, Illinois Property Taxes
The median property tax rate in Fayetteville, IL is 3.13%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fayetteville at $46,893, the typical annual property tax bill reaches $1,466, exceeding the national median of $2,690. Property taxes in Fayetteville 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 Fayetteville'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 Fayetteville 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
Fayetteville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.13%
Estimate Property Tax Bill
$1,468
$1,434
Ownwell’s Fayetteville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayetteville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayetteville 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 Fayetteville, Illinois
Property taxes in Fayetteville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayetteville is 3.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fayetteville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayetteville 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 Fayetteville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62258 zip code has both the highest and lowest median property tax rate of 3.13%. Understanding how these cities compare with Fayetteville provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayetteville Tax Rate
3.13%
Average St. Clair County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayetteville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62258 | 2.65% | 3.13% | 3.13% | 3.13% | 3.13% |
Source: Ownwell
Property Tax Assessment Values Across Fayetteville, Illinois
In Fayetteville, 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 St. Clair 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 Fayetteville, 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 Fayetteville is $46,893, with tax bills ranging from $829 at the 25th percentile to $1,829 at the 90th percentile. 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 Fayetteville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Fayetteville, Illinois
Source: Ownwell
$2,100
$2,560,473
$5,118,846
Average Fayetteville Assessed Value
$46,893
Average St. Clair County Assessed Value
$110,946
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayetteville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62258 | $17,256 | $26,526 | $46,893 | $62,274 | $67,427 |
Source: Ownwell
Property Tax Bills Across Fayetteville, Illinois
In Fayetteville, located in St. Clair County, IL, property tax bills are calculated based on the assessed value of a home, which is a fraction of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Homeowners in Fayetteville can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $829, while the 75th percentile tax bill rises to $1653, and the 90th percentile tax bill can reach up to $1829. These variations are influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Fayetteville's property tax rate reflects the local economic conditions and funding requirements for public services like schools and infrastructure. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Fayetteville Tax Bill
$1,466
Average St. Clair County Tax Bill
$2,735
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayetteville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62258 | $539 | $829 | $1,466 | $1,653 | $1,829 |
Source: Ownwell