Fillmore, Illinois Property Taxes
The median property tax rate in Fillmore, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fillmore, the typical annual property tax bill reaches $1,724, which, while below the national median of $2,690, still represents a significant expense for homeowners. Property taxes in Fillmore 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 Fillmore'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 Fillmore 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
Fillmore, 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 Fillmore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fillmore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fillmore 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 Fillmore, Illinois
Property taxes in Fillmore, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fillmore is 2.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fillmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fillmore 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 Fillmore's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62032 zip code has the highest median property tax rate of 2.39%, while the same zip code also has the lowest median tax rate of 2.39%. Understanding how these cities compare with Fillmore 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 Fillmore Tax Rate
2.39%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fillmore, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62032 | 1.27% | 1.97% | 2.39% | 2.69% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Fillmore, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fillmore, Illinois. 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 Fillmore, 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 Fillmore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Fillmore is 62032, both at $1,724.
Average Fillmore Assessed Value
$80,096
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 Fillmore, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62032 | $24,234 | $41,750 | $80,096 | $134,895 | $190,244 |
Source: Ownwell
Property Tax Bills Across Fillmore, Illinois
In Fillmore, Montgomery County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence this calculation, including the property's location, size, and condition, as well as the local government's budgetary needs. Homeowners in Fillmore can expect varying tax bills. For instance, the tax bill at the 25th percentile is $827, while those at the 75th and 90th percentiles are $3,298 and $4,989, respectively. These figures demonstrate the range of property tax obligations within the city, which can significantly impact household budgets. Comparatively, Fillmore's property tax rates and bills reflect a broader national trend, with the median property tax rate standing at 0.99%. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly. The highest and lowest median tax bills in the area are both $1,724, indicating a relatively consistent tax landscape within certain zip codes.
Average Fillmore Tax Bill
$1,724
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fillmore, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62032 | $463 | $827 | $1,724 | $3,298 | $4,989 |
Source: Ownwell