Fults, Illinois Property Taxes
The median property tax rate in Fults, IL is 1.90%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fults at $179,895, the typical annual property tax bill reaches $3,224, exceeding the national median of $2,690. Property taxes in Fults 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 Fults' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fults 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
Fults, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.9%
Estimate Property Tax Bill
$3,418
$3,172
Ownwell’s Fults Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fults with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fults 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 Fults, Illinois
Property taxes in Fults, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fults is 1.90%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fults set these rates annually, and they can vary across different neighborhoods. Each year, Fults 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 Fults' effective property tax rate to other areas in Illinois and the national median. For comparison, the 62244 zip code has the highest median property tax rate of 1.90%, while the same zip code also has the lowest median tax rate of 1.90%. Understanding how these areas compare with Fults provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fults Tax Rate
1.90%
Average Monroe County Tax Rate
1.91%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fults, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62244 | 1.46% | 1.73% | 1.90% | 2.00% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Fults, Illinois
In Fults, 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 Monroe County Assessment Office 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 Fults, 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 Fults helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill in the area is 62244, with a median bill of $3,224.
Average Fults Assessed Value
$179,895
Average Monroe County Assessed Value
$218,520
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fults, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62244 | $66,975 | $113,850 | $179,895 | $241,852 | $300,450 |
Source: Ownwell
Property Tax Bills Across Fults, Illinois
In Fults, IL, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is typically a percentage of the home's market value, which is determined by the county assessor. For example, if a home in Fults has a median market value of $179,895, the assessed value would be a fraction of this amount. The tax rate is then applied to the assessed value to calculate the tax bill. Factors such as local government budgets, school funding requirements, and public services significantly influence the tax rate. In Fults, homeowners can expect a 25th percentile tax bill of around $1,890, while those in the 75th percentile might pay approximately $4,647. The 90th percentile tax bill can reach up to $5,794. Comparatively, the national median property tax rate is 0.99%, making Fults' property taxes relatively high. This can impact homeowners by increasing their annual expenses, potentially affecting affordability and long-term financial planning.
Average Fults Tax Bill
$3,224
Average Monroe County Tax Bill
$3,972
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fults, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62244 | $903 | $1,890 | $3,224 | $4,647 | $5,794 |
Source: Ownwell