Fairbury, Illinois Property Taxes
The median property tax rate in Fairbury, IL is 2.77%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fairbury at $153,384, the typical annual property tax bill reaches $4,633, far exceeding the national median of $2,690. Property taxes in Fairbury are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fairbury'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 Fairbury or another part of Livingston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairbury, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Fairbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairbury 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 Fairbury, Illinois
Property taxes in Fairbury, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairbury is 2.77%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fairbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairbury 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 Fairbury's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61739 has the highest median property tax rate of 2.77%, while the same zip code also has the lowest median tax rate of 2.77%. Understanding how these areas compare with Fairbury provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairbury Tax Rate
2.77%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairbury, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61739 | 2.23% | 2.52% | 2.77% | 3.15% | 3.24% |
Source: Ownwell
Property Tax Assessment Values Across Fairbury, Illinois
In Fairbury, 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 Livingston 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 Fairbury, 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. The median home price in Fairbury is $153,384, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $3,096, while the 75th percentile tax bill is $6,928. The highest median tax bill is $4,633, found in zip code 61739, which also has the lowest median 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. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairbury Assessed Value
$153,384
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairbury, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61739 | $36,699 | $110,688 | $153,384 | $238,297 | $327,634 |
Source: Ownwell
Property Tax Bills Across Fairbury, Illinois
In Fairbury, located in Livingston County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors influencing the tax bill include the home's assessed value, the local tax rate, and applicable exemptions or deductions. For example, the median home price in Fairbury is $153,384, and homeowners can expect a range of tax bills. The 25th percentile tax bill is around $3,096, while the 75th percentile reaches up to $6,928, and the 90th percentile can be as high as $10,354. These figures highlight the variability in tax burdens based on property values and tax rates. Compared to the national median property tax rate of 0.99%, Fairbury's tax rates can significantly impact homeowners, influencing their financial planning and the overall cost of homeownership in the area.
Average Fairbury Tax Bill
$4,633
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairbury, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61739 | $2,127 | $3,096 | $4,633 | $6,928 | $10,354 |
Source: Ownwell