Farina, Illinois Property Taxes
The median property tax rate in Farina, IL is 2.22%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Farina at $89,433, the typical annual property tax bill reaches $1,789, falling short of the national median of $2,690. Property taxes in Farina are calculated based on the assessed value, often lower than the market value due to exemptions like 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 Fayette County, understanding the local property tax system benefits 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
2.22%
Estimate Property Tax Bill
$1,985
$1,842
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farina is 2.22%, significantly higher than both the Illinois state median of 2.27% 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 2.22%, while the same zip code also has the lowest median tax rate of 2.22%. Understanding how these cities compare with Farina provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farina Tax Rate
2.22%
Average Fayette County Tax Rate
2.13%
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 | 1.34% | 1.96% | 2.22% | 2.56% | 2.56% |
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 Fayette 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 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. The median home price in Farina is $89,433, with tax bills ranging from $794 at the 25th percentile to $4,387 at the 90th percentile. The highest and lowest median tax bills both stand at $1,789 in the 62838 zip code.
Average Farina Assessed Value
$89,433
Average Fayette County Assessed Value
$73,758
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 | $21,915 | $41,577 | $89,433 | $136,470 | $192,504 |
Source: Ownwell
Property Tax Bills Across Farina, Illinois
In Farina, property tax bills are determined by assessing the value of a home and applying the local tax rate to that assessed value. The median home price in Farina is $89,433, which serves as a baseline for calculating property taxes. Homeowners in this city can expect their property tax bills to vary significantly based on the assessed value of their property and the applicable tax rate in Fayette County. For instance, the 25th percentile tax bill in Farina is $794, while the 75th percentile tax bill rises to $2,892, and the 90th percentile tax bill reaches $4,387. These figures show the range of property tax burdens homeowners might face. The highest and lowest median tax bills in the area are both $1,789, indicating a certain level of consistency within specific zip codes. Compared to the national median property tax rate of 0.99%, Farina's property tax bills reflect the local economic conditions and the specific needs of the community. This variability can significantly impact homeowners, influencing decisions on buying, selling, or investing in property.
Average Farina Tax Bill
$1,789
Average Fayette County Tax Bill
$1,347
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 | $457 | $794 | $1,789 | $2,892 | $4,387 |
Source: Ownwell