Fairmount, Illinois Property Taxes
The median property tax rate in Fairmount, IL is 2.56%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fairmount at $94,503, the typical annual property tax bill reaches $2,095, which is below the national median of $2,690. Property taxes in Fairmount 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 Fairmount'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 Fairmount 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
Fairmount, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$2,419
$2,365
Ownwell’s Fairmount Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairmount with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairmount 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 Fairmount, Illinois
Property taxes in Fairmount, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairmount is 2.56%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fairmount set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairmount 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 Fairmount's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61841 zip code has the highest median property tax rate of 2.56%, while the same zip code also has the lowest median tax rate of 2.56%. Understanding how these cities compare with Fairmount provides valuable insights into the varying tax landscape across Vermilion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairmount Tax Rate
2.56%
Average Vermilion County Tax Rate
2.53%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairmount, 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, Illinois
In Fairmount, 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 Vermilion County Assessment 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 Fairmount, 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. For instance, the median home price in Fairmount is $94,503. The tax bill for the 25th percentile is $1,158, while it rises to $3,984 for the 75th percentile and reaches $5,792 for the 90th percentile. By understanding 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 Fairmount helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairmount Assessed Value
$94,503
Average Vermilion County Assessed Value
$59,223
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairmount, 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, Illinois
In Fairmount, located in Vermilion County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Fairmount is $94,503. Property taxes in this area can vary significantly, with tax bills ranging from $1,158 at the 25th percentile to $5,792 at the 90th percentile. The highest median tax bill in the area is $2,095, found in the 61841 zip code, which also represents the lowest median tax bill, indicating a uniform tax rate within this region. Several factors influence the final tax bill, including the assessed value of the property and any applicable exemptions. Homeowners in Fairmount can expect their property tax bills to impact their annual expenses considerably, with the potential to affect overall affordability and financial planning. Compared to the national median property tax rate of 0.99%, the tax rates in Fairmount can be seen as relatively moderate, but the actual dollar amounts can still represent a significant financial commitment for homeowners.
Average Fairmount Tax Bill
$2,095
Average Vermilion County Tax Bill
$1,325
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairmount, 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