Fithian, Illinois Property Taxes
The median property tax rate in Fithian, IL is 2.46%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fithian at $111,291, the typical annual property tax bill amounts to $2,548, which is just below the national median of $2,690. Property taxes in Fithian are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fithian's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Fithian or another part of Vermilion County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fithian, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.46%
Estimate Property Tax Bill
$2,738
$2,675
Ownwell’s Fithian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fithian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fithian 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 Fithian, Illinois
Property taxes in Fithian, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fithian is 2.46%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fithian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fithian 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 Fithian's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61844 zip code has the highest median property tax rate of 2.46%, while the same zip code also has the lowest median tax rate of 2.46%. Understanding how these cities compare with Fithian provides valuable insights into the varying tax landscape across Vermilion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fithian Tax Rate
2.46%
Average Vermilion County Tax Rate
2.53%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fithian, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61844 | 1.65% | 2.16% | 2.46% | 2.73% | 3.02% |
Source: Ownwell
Property Tax Assessment Values Across Fithian, Illinois
In Fithian, 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 Vermilion 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 Fithian, 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 Fithian helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,548 in the 61844 zip code.
Average Fithian Assessed Value
$111,291
Average Vermilion County Assessed Value
$59,223
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fithian, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61844 | $35,752 | $69,216 | $111,291 | $156,807 | $242,072 |
Source: Ownwell
Property Tax Bills Across Fithian, Illinois
In Fithian, located in Vermilion County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Homeowners in Fithian can expect a range of property tax bills, with the 25th percentile at $1,473 and the 75th percentile reaching $3,891. For those in the 90th percentile, tax bills can be as high as $6,212. The median home price in Fithian is $111,291, which influences the assessed value and, consequently, the tax bill. Vermilion County's property tax rates can be compared to the national median property tax rate of 0.99%. Homeowners in Fithian need to budget for these taxes, as they can significantly impact annual expenses. Understanding how local property tax rates and home values interact is crucial for managing these costs effectively.
Average Fithian Tax Bill
$2,548
Average Vermilion County Tax Bill
$1,325
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fithian, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61844 | $725 | $1,473 | $2,548 | $3,891 | $6,212 |
Source: Ownwell