Patoka, Fayette County, Illinois Property Taxes

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

Median Patoka, IL effective property tax rate: 2.24%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Patoka, IL home value: $67,530
Median annual Patoka, IL tax bill: $1,110, $1,290 lower than the national median property tax bill of $2,400.

How are property taxes in Fayette calculated?

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

Last Updated March 1, 2025

Patoka, Fayette County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.24%

Estimate Property Tax Bill

$1,513

$1,404

Ownwell’s Patoka Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Patoka with just two data points. By entering your property's estimated assessed value, our calculator applies Patoka’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 Patoka, Fayette County, Illinois

Local government entities are responsible for setting property tax rates, which can differ significantly within a state. Each county, including Fayette County, calculates its annual budget needs and divides that by the total assessed value of all taxable property within its borders to determine the property tax rate. Although the process involves votes and legal regulations, this is the basic annual procedure.

In Patoka, located in Fayette County, Illinois, the effective property tax rate is 2.24%. This rate is significantly higher than the national median property tax rate of 1.02%. This means that homeowners in Patoka are paying more in property taxes compared to the national average.

By comparing Patoka’s effective property tax rate to other cities within Illinois and the national median, residents can better understand their property tax obligations and how they align with state and national trends. For those looking to manage their property tax expenses, understanding these differences is crucial.

Property Tax Rates Across Patoka, 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 Patoka Taxx Rate

2.24%

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 Patoka, Fayette County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62875	0.96%	1.62%	2.24%	2.24%	2.24%

Source: Ownwell

Property Tax Assessment Values Across Patoka, Fayette County, Illinois

When examining property taxes in Patoka, 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 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 Patoka. For example, the median home price in Patoka is $67,530, with tax bills ranging significantly across the county. Zip code 62875 has the highest median home price at $67,530.

Property Tax Assessment Values Across Patoka, Fayette County, Illinois

Source: Ownwell

$37,206

$63,704

$90,201

Median Patoka Market Value

$67,530

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 Patoka, Fayette County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62875	$9,607	$26,222	$67,530	$114,278	$159,559

Source: Ownwell

Property Tax Bills Across Patoka, Fayette County, Illinois

In Patoka, located in Fayette County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The local tax rate is then applied to this assessed value. Factors such as local government budgets, school funding, and public service needs play a crucial role in determining the tax rate. Homeowners in Patoka experience a median property tax bill of $1,110, which is below the national median of $2,400. However, tax bills can vary significantly, with the 25th percentile at $504 and the 90th percentile reaching $2,822. This variability can impact homeowners' financial planning and affordability. Ownwell offers valuable assistance to homeowners by identifying potential savings through property tax appeals and exemptions. By thoroughly analyzing property assessments and local tax regulations, Ownwell ensures homeowners only pay their fair share, potentially reducing their tax burden and providing significant financial relief.

Property Tax Bills Across Patoka, Fayette County, Illinois

Source: Ownwell

$847

$1,318

$1,789

Median Patoka Tax Bill

$1,110

Median Fayette County Tax Bill

$1,347

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Patoka, Fayette County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62875	$197	$504	$1,110	$1,868	$2,822

Source: Ownwell