Farmer City, Mclean County, Illinois Property Taxes
Median Farmer City, IL effective property tax rate: 1.97%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Farmer City, IL home value: $157,869
Median annual Farmer City, IL tax bill: $3,030, $630 higher than the national median property tax bill of $2,400.
How are property taxes in McLean calculated?
Property taxes in Farmer City, 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 Farmer City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Farmer City, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Farmer City, Mclean County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.97%
Estimate Property Tax Bill
$3,110
$2,886
Property Tax Rates Across Farmer City, Mclean County, Illinois
Local government entities are responsible for setting tax rates, which can vary significantly within a state. This is because each county estimates its budget requirements for services annually and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Although voting and legislation play roles in determining tax rates and budgets, this is essentially the annual process.
In Farmer City, located in McLean County, the effective property tax rate stands at 1.97%. This rate is the same as the highest and lowest median tax rates within the area, indicating a uniformity in tax assessments. When compared to the national median property tax rate of 1.02%, Farmer City's rate is considerably higher. This means that property owners in Farmer City may face higher tax bills compared to the national median. For residents, understanding these rates is crucial for financial planning and property investment decisions. By staying informed, property owners can make strategic decisions to potentially lower their tax burden through appeals or exemptions, optimizing their financial outcomes in the long run.
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 Farmer City Tax Rate
1.97%
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 Mclean County Tax Rate
2.62%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Farmer City, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61842 | 1.75% | 1.87% | 1.97% | 2.03% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Farmer City, Mclean County, Illinois
When examining property taxes in Farmer City, 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 McLean 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 McLean 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 Farmer City. For example, the median home price in Farmer City is $157,869, with tax bills ranging significantly across the county. 61842 has the highest median home price at $157,869.
Property Tax Assessment Values Across Farmer City, Mclean County, Illinois
Source: Ownwell
$54,762
$156,365
$257,967
Median Farmer City Market Value
$157,869
Median Mclean County Market Value
$163,629
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Farmer City, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61842 | $105,100 | $144,700 | $157,869 | $171,195 | $208,251 |
Source: Ownwell
Property Tax Bills Across Farmer City, Mclean County, Illinois
In Farmer City, located in McLean County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Farmer City experience a median property tax bill of $3,030, significantly higher than the national median of $2,400. The tax bill can vary widely, with the 25th percentile at $2,720 and the 90th percentile reaching up to $4,238. These figures highlight the financial impact on homeowners, emphasizing the importance of accurate assessments. Factors such as local tax rates and assessed property values influence the final bill.
Ownwell assists homeowners by providing expert property tax appeal services, potentially lowering their tax obligations. Our team reviews your property assessment for inaccuracies and guides you through the appeal process, ensuring fair taxation. By leveraging our expertise, homeowners can achieve substantial savings on their property tax bills, easing the financial burden and ensuring assessments reflect true market conditions.
Median Farmer City Tax Bill
$3,030
Median Mclean County Tax Bill
$4,175
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Farmer City, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61842 | $1,562 | $2,720 | $3,030 | $3,358 | $4,238 |
Source: Ownwell