Farmer City, De Witt County, Illinois Property Taxes

Name: Property Tax Bills Across Farmer City, De Witt County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median FARMER CITY, IL effective property tax rate: 2.51%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median FARMER CITY, IL home value: $120,537
Median annual FARMER CITY, IL tax bill: $3,578, $1,178 higher than the national median property tax bill of $2,400.

How are property taxes in De Witt calculated?

Property taxes in FARMER CITY, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding FARMER CITY’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in FARMER CITY, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Farmer City, De Witt County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.51%

Estimate Property Tax Bill

$3,025

$2,808

Ownwell’s Farmer City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Farmer City with just two data points. By entering your property's estimated assessed value, our calculator applies Farmer City’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in De Witt County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Farmer City, De Witt County, Illinois

Local government entities set tax rates, and these can vary significantly within a state. Each year, counties estimate their required budget to provide essential services and divide that by the total value of all taxable property within their jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the annual process in a nutshell.

In Farmer City, located in De Witt County, Illinois, the effective property tax rate stands at 2.51%. This rate is notably higher than the national median property tax rate of 1.02%. Illinois, known for having some of the highest property tax rates in the country, sees Farmer City's rate reflecting this trend. For comparison, the national median property tax bill is $2,400, which can be significantly lower than what residents in Farmer City might expect to pay given the higher rate. Understanding these differences is crucial for property owners considering an appeal or seeking exemptions, as it highlights the potential for savings and the importance of staying informed about local tax assessments.

Property Tax Rates Across Farmer City, De Witt County, Illinois

Source: Ownwell

1.89%

2.71%

3.53%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Farmer City Tax Rate

2.51%

Median Effective De Witt County Tax Rate

2.10%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Farmer City, De Witt County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61842	1.93%	2.29%	2.51%	3.22%	5.94%

Source: Ownwell

Property Tax Assessment Values Across Farmer City, De Witt County, Illinois

When examining property taxes in Farmer City, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The De Witt County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In De Witt County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Farmer City. For example, the median home price in Farmer City is $120,537, with tax bills ranging significantly across the county. 61842 has the highest median home price at $120,537.

Property Tax Assessment Values Across Farmer City, De Witt County, Illinois

Source: Ownwell

$99,259

$142,705

$186,151

Median Farmer City Market Value

$120,537

Median De Witt County Market Value

$142,472

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Farmer City, De Witt County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61842	$43,186	$62,971	$120,537	$213,314	$268,959

Source: Ownwell

Property Tax Bills Across Farmer City, De Witt County, Illinois

In Farmer City, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the local tax rate and any applicable exemptions. With a median home price of $120,537, property tax bills in Farmer City can vary significantly, ranging from $1,796 at the 25th percentile to $7,694 at the 90th percentile. The median tax bill of $3,578 in zip code 61842 is notably above the national median of $2,400, indicating a higher tax burden for homeowners in this area. This can impact homeowners' budgets, making it crucial to explore potential savings. Ownwell can assist homeowners by identifying opportunities for tax appeals and exemptions, potentially lowering their tax bills. By leveraging local expertise and a deep understanding of property tax regulations, Ownwell helps ensure homeowners pay only their fair share.

Property Tax Bills Across Farmer City, De Witt County, Illinois

Source: Ownwell

$3,183

$4,303

$5,423

Median Farmer City Tax Bill

$3,578

Median De Witt County Tax Bill

$3,614

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Farmer City, De Witt County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61842	$1,159	$1,796	$3,578	$6,303	$7,694

Source: Ownwell