Smithfield, Fulton County, Illinois Property Taxes

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

Median Smithfield, IL effective property tax rate: 2.87%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Smithfield, IL home value: $49,640
Median annual Smithfield, IL tax bill: $869, $1,531 lower than the national median property tax bill of $2,400.

How are property taxes in Fulton calculated?

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

Last Updated March 1, 2025

Smithfield, Fulton County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.87%

Estimate Property Tax Bill

$1,425

$1,322

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

Property Tax Rates Across Smithfield, Fulton County, Illinois

Local government entities determine property tax rates, which can significantly differ even within a state. The reason for this variation is that each county annually estimates its necessary budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation leads to the property tax rate. Although votes and laws play a role in establishing tax rates and budgets, this is the fundamental annual process. In Smithfield, located in Fulton County, Illinois, the effective property tax rate stands at 2.87%. This rate is notably higher than both the Illinois median and the national median property tax rate of 1.02%. Consequently, homeowners in Smithfield face property tax bills that are considerably above the national median of $2,400. Understanding these rates and how they compare to other cities in Illinois and the U.S. can help homeowners make informed decisions about property investments and financial planning.

Property Tax Rates Across Smithfield, Fulton County, Illinois

Source: Ownwell

1.39%

2.49%

3.59%

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 Smithfield Taxx Rate

2.87%

Median Effective Fulton County Taxx Rate

2.71%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Smithfield, Fulton County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61477	1.94%	2.23%	2.87%	3.64%	3.64%

Source: Ownwell

Property Tax Assessment Values Across Smithfield, Fulton County, Illinois

When examining property taxes in Smithfield, 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 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 Smithfield. For example, the median home price in Smithfield is $49,640, with tax bills ranging significantly across the county. The zip code 61477 has the highest median home price at $49,640.

Property Tax Assessment Values Across Smithfield, Fulton County, Illinois

Source: Ownwell

$26,937

$71,044

$115,150

Median Smithfield Market Value

$49,640

Median Fulton County Market Value

$71,967

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Smithfield, Fulton County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61477	$11,817	$20,886	$49,640	$92,380	$139,490

Source: Ownwell

Property Tax Bills Across Smithfield, Fulton County, Illinois

In Smithfield, Fulton County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the property. The tax rate, set by local taxing authorities, is then applied to this assessed value to determine the annual tax bill. In Smithfield, the median home price is $49,640, and the tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $675, while at the 75th percentile, it reaches $1,538. These figures illustrate the potential financial impact on homeowners, especially when compared to the national median property tax bill of $2,400. Ownwell can assist homeowners in Smithfield by reviewing their property assessments and ensuring accuracy, potentially uncovering opportunities for appeals or exemptions. By leveraging expert knowledge and local data, Ownwell helps homeowners reduce their property tax liabilities, providing significant savings and peace of mind.

Property Tax Bills Across Smithfield, Fulton County, Illinois

Source: Ownwell

$467

$949

$1,430

Median Smithfield Tax Bill

$869

Median Fulton County Tax Bill

$1,058

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Smithfield, Fulton County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61477	$294	$675	$869	$1,538	$1,975

Source: Ownwell