Farmer City, Piatt County, Illinois Property Taxes

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

Median Farmer City, IL effective property tax rate: 3.20%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Farmer City, IL home value: $185,325
Median annual Farmer City, IL tax bill: $6,510, $4,110 higher than the national median property tax bill of $2,400.

How are property taxes in Piatt County calculated?

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

Last Updated March 1, 2025

Farmer City, Piatt County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.2%

Estimate Property Tax Bill

$5,930

$5,503

Ownwell’s Farmer City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Farmer City with just two data points.

By entering your property's estimated assessed value, our calculator applies Farmer City’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 Piatt County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Farmer City, Piatt County, Illinois

Local government entities have the authority to set property tax rates, and these rates can vary significantly across different areas within a state. This variation is primarily due to each county's annual budget estimation process. Counties calculate the necessary funds required to maintain and provide services, which is then divided by the total value of all taxable properties within the area to determine the property tax rate. While the process involves votes and legal considerations, this is essentially how it functions each year.

In Farmer City, located in Piatt County, the effective property tax rate is notably higher than both the state and national medians. This can be attributed to the county's budget needs and the total assessed property values. Comparing Farmer City's tax rate to other areas in Illinois, it stands out as one of the highest. At the same time, it surpasses the national median property tax rate of 1.02%. This information is crucial for property owners in Farmer City, as it highlights the importance of understanding local tax obligations and exploring potential avenues for appealing or reducing property taxes.

Property Tax Rates Across Farmer City, Piatt County, Illinois

Source: Ownwell

2.22%

2.71%

3.20%

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 Farmer City Tax Rate

3.20%

Median Effective Piatt County Tax Rate

2.43%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Farmer City, Piatt County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61842	2.37%	2.74%	3.20%	3.27%	3.28%

Source: Ownwell

Property Tax Assessment Values Across Farmer City, Piatt County, Illinois

When examining property taxes in Farmer City, 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 Piatt 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 Piatt County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Farmer City. For example, the median home price in Farmer City is $185,325, with tax bills ranging significantly across the county. Zip code 61842 has the highest median home price at $185,325.

Property Tax Assessment Values Across Farmer City, Piatt County, Illinois

Source: Ownwell

$123,234

$214,217

$305,199

Median Farmer City Market Value

$185,325

Median Piatt County Market Value

$166,770

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Farmer City, Piatt County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61842	$19,855	$132,846	$185,325	$389,829	$855,966

Source: Ownwell

Property Tax Bills Across Farmer City, Piatt County, Illinois

In Farmer City, Piatt County, IL, property tax bills are determined by assessing the property's value and applying the local tax rate. The assessed value is typically a percentage of the market value, which is then multiplied by the tax rate to calculate the tax bill. In this region, the median home price is approximately $185,325, and the tax bills vary significantly, with the 25th percentile at $3,943 and the 90th percentile reaching $27,409. The median property tax bill stands at $6,510, which is significantly higher than the national median of $2,400, reflecting the higher tax rates in the area. This can place a substantial financial burden on homeowners. Ownwell can assist homeowners by reviewing their property assessments and identifying potential savings through appeals or exemptions. Our expertise ensures that homeowners are not overpaying and can potentially reduce their tax bills, providing much-needed financial relief. By leveraging our services, homeowners can navigate the complexities of property tax assessments and secure a fair evaluation.

Property Tax Bills Across Farmer City, Piatt County, Illinois

Source: Ownwell

$3,412

$6,110

$8,807

Median Farmer City Tax Bill

$6,510

Median Piatt County Tax Bill

$4,197

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Farmer City, Piatt County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61842	$2,896	$3,943	$6,510	$12,768	$27,409

Source: Ownwell