La Fayette, Illinois Property Taxes
The median property tax rate in LA FAYETTE, IL is 2.25%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in LA FAYETTE, the typical annual property tax bill reaches $3,716, exceeding the national median of $2,690. Property taxes in LA FAYETTE 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 LA FAYETTE'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 LA FAYETTE 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
La Fayette, 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 LA FAYETTE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LA FAYETTE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LA FAYETTE 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 La Fayette, Illinois
Property taxes in LA FAYETTE, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in LA FAYETTE is 2.25%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within LA FAYETTE set these rates annually, and they can vary significantly across different neighborhoods. Each year, LA FAYETTE 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 LA FAYETTE's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61449 zip code has both the highest and lowest median property tax rate of 2.25%. Understanding how these areas compare with LA FAYETTE provides valuable insights into the varying tax landscape across Stark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average La Fayette Tax Rate
2.25%
Average Stark County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across La Fayette, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61449 | 1.31% | 2.08% | 2.25% | 2.47% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across La Fayette, Illinois
In LA FAYETTE, 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 Stark County Assessor 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 LA FAYETTE, 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 LA FAYETTE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,716 in zip code 61449, while the lowest median tax bill is also $3,716 in the same zip code.
Average La Fayette Assessed Value
$168,411
Average Stark County Assessed Value
$143,110
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across La Fayette, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61449 | $39,978 | $95,709 | $168,411 | $252,546 | $345,138 |
Source: Ownwell
Property Tax Bills Across La Fayette, Illinois
In LA FAYETTE, Stark County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For instance, the median home price in this region is $168,411. Tax rates in Stark County can vary, but the median property tax rate is a key factor in determining the final bill. Homeowners in LA FAYETTE can expect to pay a median property tax bill that ranges significantly. At the 25th percentile, the tax bill is around $1,806, while at the 75th percentile, it can rise to $5,216. The highest tax bills, at the 90th percentile, can reach up to $8,264. The highest median tax bill recorded in the area is $3,716. These taxes fund essential local services such as public schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average La Fayette Tax Bill
$3,716
Average Stark County Tax Bill
$2,919
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across La Fayette, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61449 | $380 | $1,806 | $3,716 | $5,216 | $8,264 |
Source: Ownwell