Fulton, Illinois Property Taxes
The median property tax rate in Fulton, IL is 2.23%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fulton, the typical annual property tax bill reaches $2,319, which is slightly below the national median of $2,690. Property taxes in Fulton 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 Fulton'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 Fulton 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
Fulton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$2,425
$2,370
Ownwell’s Fulton Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fulton with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Fulton to provide an estimate of your property tax bill. This user-friendly tool helps you understand potential tax liabilities and plan accordingly. For those interested in more granular insights, additional neighborhood-level information is available below. Your property’s assessed value is determined by the county and takes into account any applicable exemptions, ensuring a precise calculation for your tax obligations.
Property Tax Rates Across Fulton, Illinois
Property taxes in Fulton, Illinois, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Fulton is 2.23%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fulton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fulton 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 Fulton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61252 zip code has the highest median property tax rate of 2.23%, while the same 61252 zip code also has the lowest median tax rate of 2.23%. Understanding how these cities compare with Fulton provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fulton Tax Rate
2.23%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fulton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61252 | 1.60% | 1.96% | 2.23% | 2.44% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Fulton, Illinois
In Fulton, 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 local appraisal authorities 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 Fulton, 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 Fulton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61252, at $2,319.00, while the zip code with the lowest median tax bill is also 61252, at $2,319.00.
Average Fulton Assessed Value
$108,744
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fulton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61252 | $47,218 | $72,819 | $108,744 | $155,376 | $212,714 |
Source: Ownwell
Property Tax Bills Across Fulton, Illinois
In Fulton, Illinois, 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 annual tax bill. For instance, with a median home price of $108,744, homeowners can expect their property tax bill to vary significantly. At the 25th percentile, the tax bill is around $1,472, while at the 75th percentile, it can reach up to $3,416. For those in the 90th percentile, the tax bill could be as high as $4,802. These variations are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Fulton's rates can result in substantial annual costs for homeowners. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Fulton Tax Bill
$2,319
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fulton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61252 | $845 | $1,472 | $2,319 | $3,416 | $4,802 |
Source: Ownwell