Vernon, Fayette County, Illinois Property Taxes
Median Vernon, IL effective property tax rate: 1.91%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%. Median Vernon, IL home value: $77,984. Median annual Vernon, IL tax bill: $1,406, $994 lower than the national median property tax bill of $2,400.
How are property taxes in Fayette calculated?
Property taxes in Vernon, 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 Vernon’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Vernon, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Vernon, Fayette County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.91%
Estimate Property Tax Bill
$1,489
$1,382
Ownwell’s Vernon Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Vernon with just two data points.
By entering your property's estimated assessed value, our calculator applies Vernon’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 Vernon, Fayette County, Illinois
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Vernon, located in Fayette County, Illinois, the property tax rate stands at 1.91%, which is significantly higher than the national median property tax rate of 1.02%. This higher rate reflects the specific budgetary needs and property values within the area. The median property tax rate in Illinois is also generally higher than the national average, indicating a trend across the state. For residents of Vernon, understanding how these rates are determined provides clarity on their annual property tax bills, which can help in planning and budgeting. By comparing Vernon's property tax rate to other cities within Illinois and the national average, homeowners can gain insights into how local factors influence their property tax obligations.
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 Vernon Tax Rate
1.91%
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 Fayette County Tax Rate
2.13%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Vernon, Fayette County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62892 | 1.32% | 1.66% | 1.91% | 2.15% | 2.15% |
Source: Ownwell
Property Tax Assessment Values Across Vernon, Fayette County, Illinois
When examining property taxes in Vernon, 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 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 Vernon. For example, the median home price in Vernon is $77,984, with tax bills ranging significantly across the county. Zip code 62892 has the highest median home price at $77,984.
Property Tax Assessment Values Across Vernon, Fayette County, Illinois
Source: Ownwell
$37,206
$63,704
$90,201
Median Vernon Market Value
$77,984
Median Fayette County Market Value
$73,758
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Vernon, Fayette County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62892 | $22,700 | $58,514 | $77,984 | $121,612 | $128,842 |
Source: Ownwell
Property Tax Bills Across Vernon, Fayette County, Illinois
In Vernon, located in Fayette County, IL, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of its market value. The median home price in Vernon is $77,984. Tax rates are applied to this assessed value to determine the tax bill. Homeowners in Vernon typically face tax bills ranging from $1,006 at the 25th percentile to $2,515 at the 90th percentile. The median tax bill is $1,406, which is below the national median of $2,400. This relatively lower tax burden can still impact homeowners significantly, especially when compared to the national median property tax rate of 1.02%.
Ownwell offers valuable assistance to homeowners in Vernon by providing property tax appeal and exemption services, potentially reducing their tax liabilities. By analyzing property assessments and market trends, Ownwell identifies opportunities for savings, helping homeowners secure a fair tax bill and ensuring they are not overpaying on their property taxes. This can lead to substantial savings and financial relief for homeowners in Vernon.
Median Vernon Tax Bill
$1,406
Median Fayette County Tax Bill
$1,347
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Vernon, Fayette County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62892 | $497 | $1,006 | $1,406 | $2,258 | $2,515 |
Source: Ownwell