Farmington, Peoria County, Illinois Property Taxes

Name: Property Tax Bills Across Farmington, Peoria County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Farmington, IL effective property tax rate: 2.10%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Farmington, IL home value: $132,060
Median annual Farmington, IL tax bill: $2,467, $67 higher than the national median property tax bill of $2,400.

How are property taxes in Peoria calculated?

Property taxes in Farmington, 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 Farmington’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Farmington, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Farmington, Peoria County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.1%

Estimate Property Tax Bill

$2,773

$2,574

Ownwell’s Farmington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, our calculator applies Farmington’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Peoria County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Farmington, Peoria County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Farmington’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Farmington, located in Peoria County, has a median property tax rate of 2.10%, which is significantly higher than the national median property tax rate of 1.02%. This places Farmington at the higher end of the spectrum both within the state and nationally. Such a rate can lead to higher property tax bills for homeowners, making it crucial for property owners to explore potential tax appeal and exemption services to ensure their assessments are accurate and fair. Understanding these dynamics can empower property owners to make informed decisions about their property taxes.

Property Tax Rates Across Farmington, Peoria County, Illinois

Source: Ownwell

2.10%

2.66%

3.22%

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 Farmington Taxx Rate

2.10%

Median Effective Peoria County Taxx Rate

2.68%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Farmington, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61531	1.88%	1.93%	2.10%	2.41%	2.50%

Source: Ownwell

Property Tax Assessment Values Across Farmington, Peoria County, Illinois

When examining property taxes in Farmington, 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 Peoria 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.

Assessment notices: In Peoria 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 Farmington. For example, the median home price in Farmington is $132,060, with tax bills ranging significantly across the county. Zip code 61531 has the highest median home price at $132,060.

Property Tax Assessment Values Across Farmington, Peoria County, Illinois

Source: Ownwell

$15,870

$133,065

$250,260

Median Farmington Market Value

$132,060

Median Peoria County Market Value

$93,150

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Farmington, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61531	$68,115	$99,428	$132,060	$152,505	$200,040

Source: Ownwell

Property Tax Bills Across Farmington, Peoria County, Illinois

In Farmington, located in Peoria County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Homeowners in Farmington face a median property tax bill of $2,467, which is slightly above the national median of $2,400. Factors such as changes in market conditions and local budget requirements can influence these rates, affecting the financial burden on homeowners. With tax bills ranging from $1,891 at the 25th percentile to $4,557 at the 90th percentile, there is a significant variation in what residents might pay. Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions. By leveraging expertise and local knowledge, Ownwell helps ensure that homeowners are not overpaying on their property taxes, providing peace of mind and potential financial relief.

Property Tax Bills Across Farmington, Peoria County, Illinois

Source: Ownwell

$439

$3,464

$6,489

Median Farmington Tax Bill

$2,467

Median Peoria County Tax Bill

$2,323

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Farmington, Peoria County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61531	$1,125	$1,891	$2,467	$3,362	$4,557

Source: Ownwell