Fairmont City, Illinois Property Taxes
The median property tax rate in Fairmont City, IL is 2.98%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fairmont City, the typical annual property tax bill reaches $63, which, while lower in absolute terms, still reflects the higher tax rate relative to home value. Property taxes in Fairmont City 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 Fairmont City'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 Fairmont City 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
Fairmont City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$63
$58
Ownwell’s Fairmont City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairmont City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairmont City 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 Fairmont City, Illinois
Property taxes in Fairmont City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairmont City is 2.98%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fairmont City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairmont City 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 Fairmont City's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62201 zip code has both the highest and lowest median property tax rate of 2.98%. Understanding how these cities compare with Fairmont City provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairmont City Tax Rate
2.98%
Average St. Clair County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairmont City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62201 | 2.98% | 2.98% | 2.98% | 2.98% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Fairmont City, Illinois
In Fairmont City, 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 St. Clair County Assessor's 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 Fairmont City, 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 Fairmont City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest tax bill in Fairmont City has a value of $63, while the lowest tax bill is $62.
Property Tax Assessment Values Across Fairmont City, Illinois
Source: Ownwell
$2,100
$2,560,473
$5,118,846
Average Fairmont City Assessed Value
$2,100
Average St. Clair County Assessed Value
$110,946
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairmont City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62201 | $2,071 | $2,082 | $2,100 | $2,118 | $2,129 |
Source: Ownwell
Property Tax Bills Across Fairmont City, Illinois
In Fairmont City, located in St. Clair County, IL, property tax bills are determined based on the assessed value of a property. The assessed value is typically a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $2,100, homeowners in Fairmont City can expect property tax bills that generally fall between $62 and $63, aligning with the 25th to 90th percentiles. These figures are significantly lower than the national median property tax rate of 0.99%, reflecting the local economic conditions and tax policies. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners, understanding these factors is crucial as they directly impact the affordability and financial planning associated with homeownership. Lower property tax rates in Fairmont City can make homeownership more accessible, but it's essential for residents to stay informed about any changes in local tax laws or property assessments that could affect their annual tax obligations.
Average Fairmont City Tax Bill
$63
Average St. Clair County Tax Bill
$2,735
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairmont City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62201 | $62 | $62 | $63 | $63 | $63 |
Source: Ownwell