Farmington, Illinois Property Taxes
The median property tax rate in Farmington, IL is 0.34%, significantly lower than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $547,620 in Farmington, the typical annual property tax bill reaches $4,126, which surpasses the national median of $2,690. Property taxes in Farmington are calculated based on the tax assessed value, often falling below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Farmington'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 Farmington 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
Farmington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.34%
Estimate Property Tax Bill
$1,862
$1,819
Ownwell’s Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Illinois
Property taxes in Farmington, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 2.10%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62701 zip code has the highest median property tax rate of 2.27%, while the 62707 zip code has the lowest median tax rate of 1.97%. Understanding how these cities compare with Farmington 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 Farmington Tax Rate
0.34%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61531 | 0.24% | 0.25% | 0.34% | 2.40% | 2.52% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Illinois
In Farmington, 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 Knox County Appraisal District 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 Farmington, 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 Farmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $4126, situated in zip code 61531.
Property Tax Assessment Values Across Farmington, Illinois
Source: Ownwell
$24,360
$1,314,377
$2,604,393
Average Farmington Assessed Value
$547,620
Average Knox County Assessed Value
$78,330
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61531 | $126,954 | $164,362 | $547,620 | $1,810,105 | $2,944,353 |
Source: Ownwell
Property Tax Bills Across Farmington, Illinois
In Farmington, Illinois, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, if a home has a market value of $547,620, the assessed value would be a fraction of this amount, depending on local assessment practices. The median property tax rate in Farmington is 0.99%, which is in line with the national median. Homeowners in Farmington can expect a median tax bill of $4,126, with the 25th percentile at $2,729 and the 75th percentile at $5,611. The highest tax bills, reaching up to the 90th percentile, can be as much as $10,320. Factors influencing these amounts include the home's location within Knox County, improvements made to the property, and applicable exemptions. These taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and public safety, which in turn can affect property values and the overall quality of life in the community.
Average Farmington Tax Bill
$4,126
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61531 | $1,672 | $2,729 | $4,126 | $5,611 | $10,320 |
Source: Ownwell