Farmington, Fulton County, Illinois Property Taxes
Median Farmington, IL effective property tax rate: 2.60%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Farmington, IL home value: $90,511
Median annual Farmington, IL tax bill: $1,430, $970 lower than the national median property tax bill of $2,400.
How are property taxes in Fulton calculated?
Property taxes in Farmington, 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 Farmington’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Farmington, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Farmington, Fulton County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.6%
Estimate Property Tax Bill
$2,353
$2,184
Property Tax Rates Across Farmington, Fulton County, Illinois
Local government entities determine property tax rates, which can significantly differ across a state. Each year, counties estimate the budget needed for public services and divide this by the total assessed value of taxable properties. This calculation establishes the property tax rate. Despite votes and laws influencing these rates and budgets, this is the core of the process.
In Farmington, located in Fulton County, the effective property tax rate stands at 2.60%. This rate is notably higher than both the Illinois state median and the national median property tax rate of 1.02%. The consistency of this rate across the county highlights the uniformity in tax assessments within the area. When compared to the national median property tax bill of $2400, residents in Farmington may experience a higher financial obligation due to the elevated rate. Understanding these differences is essential for property owners considering tax appeals or exemptions. By staying informed, property owners can better navigate the complexities of property taxes and potentially reduce their tax burden.
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 Farmington Tax Rate
2.60%
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 Fulton County Tax Rate
2.71%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Farmington, Fulton County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61531 | 1.47% | 2.06% | 2.60% | 3.27% | 3.27% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Fulton County, Illinois
When examining property taxes in Farmington, 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 Fulton 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 Fulton 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 Farmington.
For example, the median home price in Farmington is $90,511, with tax bills ranging significantly across the county. The zip code 61531 has the highest median home price at $90,511.
Property Tax Assessment Values Across Farmington, Fulton County, Illinois
Source: Ownwell
$26,937
$71,044
$115,150
Median Farmington Market Value
$90,511
Median Fulton County Market Value
$71,967
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Farmington, Fulton County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61531 | $39,177 | $63,108 | $90,511 | $125,630 | $177,688 |
Source: Ownwell
Property Tax Bills Across Farmington, Fulton County, Illinois
In Farmington, located in Fulton County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The local tax rate is then applied to this assessed value. With a median home price of $90,511, homeowners in Farmington can expect a range of tax bills. The 25th percentile tax bill is $880, while the 75th percentile reaches $2,328, and the 90th percentile climbs to $3,274. Compared to the national median property tax bill of $2,400, Farmington's figures illustrate a diverse range of tax burdens on homeowners.
Factors such as local government budgets, school funding needs, and infrastructure projects influence the tax rate. These taxes can significantly impact homeowners, affecting their overall cost of living and financial planning. Ownwell offers property tax appeal and exemption services to help homeowners in Farmington reduce their tax burden. By analyzing property assessments and identifying discrepancies, Ownwell can assist in lowering tax bills, ensuring homeowners pay only their fair share.
Median Farmington Tax Bill
$1,430
Median Fulton County Tax Bill
$1,058
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Farmington, Fulton County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61531 | $508 | $880 | $1,430 | $2,328 | $3,274 |
Source: Ownwell