Fisher, Illinois Property Taxes
The median property tax rate in Fisher, IL is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fisher, the typical annual property tax bill reaches $2,190, which is below the national median of $2,690. Property taxes in Fisher 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 Fisher'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 Fisher 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
Fisher, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$2,349
$2,180
Ownwell’s Fisher Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fisher with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fisher 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 Fisher, Illinois
Property taxes in Fisher, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fisher is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fisher set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fisher 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 Fisher's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61843 zip code in Fisher has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these cities compare with Fisher provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fisher Tax Rate
2.11%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fisher, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61843 | 1.90% | 2.05% | 2.11% | 2.24% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Fisher, Illinois
In Fisher, 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 McLean 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 Fisher, 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 Fisher helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Fisher, the highest median tax bill is $2,190 in zip code 61843, which is also the lowest median tax bill in the city.
Average Fisher Assessed Value
$111,332
Average Mclean County Assessed Value
$163,629
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fisher, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61843 | $86,784 | $92,646 | $111,332 | $137,184 | $205,352 |
Source: Ownwell
Property Tax Bills Across Fisher, Illinois
Property tax bills in Fisher, McLean County, IL, are determined based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the tax bill. For instance, with a median home price of $111,332, homeowners can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $1,811, while the 75th percentile reaches approximately $2,985. At the higher end, the 90th percentile tax bill can be as much as $4,800. Several factors influence these tax bills, including changes in property values, local government budgets, and voter-approved measures. Homeowners in Fisher should be aware that their property tax rates can differ from the national median property tax rate of 0.99%. Understanding how these elements contribute to their tax bills can help homeowners better manage their finances and anticipate annual property tax expenses.
Average Fisher Tax Bill
$2,190
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fisher, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61843 | $1,422 | $1,811 | $2,190 | $2,985 | $4,800 |
Source: Ownwell