Farmersville, Illinois Property Taxes
The median property tax rate in Farmersville, Illinois is 2.72%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Farmersville at $119,607, the typical annual property tax bill reaches $3,545, exceeding the national median of $2,690. Property taxes in Farmersville are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Farmersville'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 Farmersville or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmersville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.72%
Estimate Property Tax Bill
$3,253
$3,019
Ownwell’s Farmersville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Farmersville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmersville to provide an accurate estimate of your property tax bill. This invaluable tool offers insight into potential tax liabilities, helping you make informed financial decisions. For those interested in more granular data, scroll down to explore trends at the neighborhood level. Your property’s assessed value is the figure assigned by Montgomery County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Farmersville, Illinois
Property taxes in Farmersville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmersville is 2.72%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Farmersville set these rates annually, and they can vary widely across different neighborhoods. Each year, Farmersville 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 Farmersville's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62533 has the highest median property tax rate of 2.72%, while the same zip code also has the lowest median tax rate of 2.72%. Understanding how these areas compare with Farmersville provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmersville Tax Rate
2.72%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmersville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62533 | 2.08% | 2.49% | 2.72% | 2.85% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Farmersville, Illinois
In Farmersville, 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 Montgomery 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 Farmersville, 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. For instance, the median home price in Farmersville is $119,607, with tax bills ranging from $1,774 at the 25th percentile to $6,441 at the 90th percentile. 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 Farmersville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Farmersville Assessed Value
$119,607
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmersville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62533 | $32,776 | $63,254 | $119,607 | $190,748 | $243,884 |
Source: Ownwell
Property Tax Bills Across Farmersville, Illinois
In Farmersville, located in Montgomery 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 tax bill. This rate can vary depending on local government budgets and funding needs for services such as schools, infrastructure, and emergency services. Homeowners in Farmersville experience a range of property tax bills. For example, the tax bill at the 25th percentile is $1,774, while at the 75th percentile it rises to $5,225, and the 90th percentile sees tax bills around $6,441. The highest median tax bill in the area is $3,545, which is significantly higher than the national median property tax rate of 0.99%. These tax bills can significantly impact homeowners, affecting their annual expenses and potentially influencing decisions on homeownership and property investment. Understanding how these taxes are calculated can help homeowners better plan their finances and anticipate future costs.
Average Farmersville Tax Bill
$3,545
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmersville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62533 | $1,113 | $1,774 | $3,545 | $5,225 | $6,441 |
Source: Ownwell