Farina, Illinois Property Taxes
The median property tax rate in Farina, IL is 1.60%, which is higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Farina at $179,475, the typical annual property tax bill amounts to $2,858, surpassing the national median of $2,690. Property taxes in Farina 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 Farina'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 Farina 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
Farina, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$2,872
$2,665
Ownwell’s Farina Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farina 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 Farina, Illinois
Property taxes in Farina, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farina is 1.60%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Farina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farina 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 Farina's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62838 zip code has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Farina provides valuable insights into the varying tax landscape across Effingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farina Tax Rate
1.60%
Average Effingham County Tax Rate
1.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farina, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62838 | 1.35% | 1.44% | 1.60% | 1.75% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Farina, Illinois
In Farina, 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 Effingham County Assessor's Office 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 Farina, 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 Farina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Farina, the zip code with the highest and lowest median tax bill is 62838, with a value of $2,858.
Average Farina Assessed Value
$179,475
Average Effingham County Assessed Value
$155,790
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farina, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62838 | $177,807 | $178,432 | $179,475 | $180,518 | $181,143 |
Source: Ownwell
Property Tax Bills Across Farina, Illinois
In Farina, located in Effingham County, IL, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value, determined by the county assessor. This assessed value is then multiplied by the local tax rate to calculate the tax bill. Several factors influence the tax bill, including property size, location, and improvements made to the property. For homeowners in Farina, the median home price is $179,475. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,594 and the 75th percentile at $3,122. Homeowners in the 90th percentile may see tax bills as high as $3,281. These figures highlight the variability in property tax bills, which can impact homeowners' finances considerably. Comparatively, the national median property tax rate is 0.99%, showing that Farina's property tax rates can be relatively higher or lower depending on specific circumstances. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Farina Tax Bill
$2,858
Average Effingham County Tax Bill
$2,476
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Farina, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62838 | $2,436 | $2,594 | $2,858 | $3,122 | $3,281 |
Source: Ownwell