Farina, Fayette County, Illinois Property Taxes

Name: Property Tax Bills Across Farina, Fayette County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Farina, IL effective property tax rate: 2.22%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Farina, IL home value: $89,433
Median annual Farina, IL tax bill: $1,789, $611 lower than the national median property tax bill of $2,400.

How are property taxes in Fayette calculated?

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

Last Updated March 1, 2025

Farina, Fayette County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.22%

Estimate Property Tax Bill

$1,985

$1,842

Ownwell’s Farina Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Farina with just two data points. By entering your property's estimated assessed value, our calculator applies Farina’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 Fayette County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Farina, Fayette County, Illinois

Local government entities set tax rates, and these can vary significantly within a state. This variation is due to each county estimating its required budget to provide essential services, then dividing that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.

In Farina, located in Fayette County, Illinois, the effective property tax rate is a reflection of this process. The median property tax rate in Illinois is notably higher than the national median of 1.02%, with Farina's rate standing at 2.22%. This rate is consistent across Fayette County, making it one of the highest in the state. Despite this, the property tax bill in Farina may be similar to the national median of $2,400, depending on the assessed property values. Comparing Farina's effective property tax rate to other cities in Illinois and the U.S. highlights the significant variation and the impact of local government decisions on property tax obligations.

Property Tax Rates Across Farina, Fayette County, Illinois

Source: Ownwell

1.88%

2.22%

2.56%

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 Farina Taxx Rate

2.22%

Median Effective Fayette County Taxx Rate

2.13%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Farina, Fayette County, 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, Fayette County, Illinois

When examining property taxes in Farina, Illinois, 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 Fayette 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 Fayette County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Farina.

For example, the median home price in Farina is $89,433, with tax bills ranging significantly across the county. Zip code 62838 has the highest median home price at $89,433.

Property Tax Assessment Values Across Farina, Fayette County, Illinois

Source: Ownwell

$37,206

$63,704

$90,201

Median Farina Market Value

$89,433

Median Fayette County Market Value

$73,758

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Farina, Fayette County, 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, Fayette County, Illinois

In Farina, located in Fayette County, IL, property tax bills are determined by applying the local property tax rate to the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the county assessor. Factors such as local government budgets, school district funding, and public services influence the property tax rate. Homeowners in Farina face a median property tax bill of $1,789, which is below the national median of $2,400. However, tax bills can vary significantly, with some homeowners paying as much as $4,387. These tax obligations can be a burden for many, impacting household budgets and financial planning. Ownwell provides an essential service by helping homeowners appeal their property tax assessments. By reviewing the assessed value and identifying potential discrepancies, Ownwell can assist in reducing the tax burden. This service ensures that homeowners in Farina pay only their fair share, potentially saving them hundreds or even thousands on their property tax bills.

Property Tax Bills Across Farina, Fayette County, Illinois

Source: Ownwell

$847

$1,318

$1,789

Median Farina Tax Bill

$1,789

Median Fayette County Tax Bill

$1,347

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Farina, Fayette County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62838	$457	$794	$1,789	$2,892	$4,387

Source: Ownwell