Fairmount, Vermilion County, Illinois Property Taxes

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

Median Fairmount, IL effective property tax rate: 2.56%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Fairmount, IL home value: $94,503
Median annual Fairmount, IL tax bill: $2,095, $305 lower than the national median property tax bill of $2,400.

How are property taxes in Vermilion calculated?

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

Last Updated March 1, 2025

Fairmount, Vermilion County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.56%

Estimate Property Tax Bill

$2,419

$2,245

Ownwell’s Fairmount Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fairmount with just two data points. By entering your property's estimated assessed value, our calculator applies Fairmount’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 Vermilion County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Fairmount, Vermilion County, Illinois

Local government entities determine tax rates, leading to significant variation within a state. This occurs because each county annually estimates the budget necessary to provide services and divides it by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Although votes and laws play a role in setting these rates and budgets, this is essentially the annual process.

In Fairmount, located in Vermilion County, Illinois, the effective property tax rate is notably higher than the national median of 1.02%. This places a considerable burden on property owners compared to other regions. Illinois's median property tax rate is also significantly above the national average, highlighting the state's higher cost of property ownership. For residents in Fairmount, this means a larger portion of their property value goes towards taxes, impacting overall affordability. Comparing Fairmount's rate to other cities within Illinois and the national median underscores the importance of understanding regional tax obligations. By appealing property taxes, residents can potentially reduce their financial burden and ensure they are not overpaying.

Property Tax Rates Across Fairmount, Vermilion County, Illinois

Source: Ownwell

2.05%

2.46%

2.86%

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 Fairmount Tax Rate

2.56%

Median Effective Vermilion County Tax Rate

2.53%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Fairmount, Vermilion County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61841	1.30%	2.15%	2.56%	2.89%	3.26%

Source: Ownwell

Property Tax Assessment Values Across Fairmount, Vermilion County, Illinois

When examining property taxes in Fairmount, 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 Vermilion 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 Vermilion 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 Fairmount.

For example, the median home price in Fairmount is $94,503, with tax bills ranging significantly across the county. Zip code 61841 has the highest median home price at $94,503.

Property Tax Assessment Values Across Fairmount, Vermilion County, Illinois

Source: Ownwell

$28,646

$72,481

$116,316

Median Fairmount Market Value

$94,503

Median Vermilion County Market Value

$59,223

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Fairmount, Vermilion County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61841	$23,989	$53,944	$94,503	$151,587	$215,679

Source: Ownwell

Property Tax Bills Across Fairmount, Vermilion County, Illinois

In Fairmount, located in Vermilion County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as local government budgets and school funding needs influence the tax rate. Homeowners in Fairmount face a median tax bill of $2,095, which is slightly below the national median of $2,400. However, tax bills can vary widely, with some paying as low as $1,158 and others as high as $5,792, depending on property value and location within the county. For homeowners looking to save on their property tax bills, Ownwell offers expert assistance in appealing assessments and applying for exemptions. By leveraging market data and local insights, Ownwell helps ensure that property assessments are fair, potentially reducing the financial burden on homeowners. With professional guidance, residents can navigate the complexities of property taxes with confidence.

Property Tax Bills Across Fairmount, Vermilion County, Illinois

Source: Ownwell

$561

$1,728

$2,894

Median Fairmount Tax Bill

$2,095

Median Vermilion County Tax Bill

$1,325

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Fairmount, Vermilion County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61841	$443	$1,158	$2,095	$3,984	$5,792

Source: Ownwell