Smithfield, Illinois Property Taxes
The median property tax rate in Smithfield, IL is 2.87%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Smithfield at $49,640, the typical annual property tax bill reaches $869, exceeding the national median of $2,690. Property taxes in Smithfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Smithfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Smithfield or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithfield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.87%
Estimate Property Tax Bill
$1,425
$1,322
Ownwell’s Smithfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Smithfield, Illinois
Property taxes in Smithfield, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithfield is 2.87%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Smithfield's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61477 has both the highest and lowest median property tax rate of 2.87%. Understanding how these cities compare with Smithfield provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithfield Tax Rate
2.87%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithfield, 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, Illinois
In Smithfield, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Fulton County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Smithfield, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Smithfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Smithfield is 61477, with a median tax bill of $869.
Average Smithfield Assessed Value
$49,640
Average Fulton County Assessed Value
$71,967
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithfield, 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, Illinois
In Smithfield, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor’s office. The assessed value is a percentage of the market value of the property. For example, with a median home price of $49,640, homeowners can expect their property tax bill to be influenced by this figure. Several factors are considered in determining the final tax bill, including the local tax rate and any applicable exemptions. In Smithfield, the median tax bill is $869, which is significantly lower than the national median property tax rate of 0.99%. Tax bills can vary widely, with the 25th percentile at $675 and the 75th percentile at $1,538, reflecting the diversity in property values and tax assessments. Homeowners in Smithfield should be aware that their property tax bills directly impact their annual housing costs and can fluctuate based on changes in assessed value and local tax policies.
Average Smithfield Tax Bill
$869
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61477 | $294 | $675 | $869 | $1,538 | $1,975 |
Source: Ownwell