Fairfield, Illinois Property Taxes
The median property tax rate in Fairfield, IL is 2.10%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Fairfield, the typical annual property tax bill reaches $1,509, which is below the national median of $2,690. Property taxes in Fairfield 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 Fairfield'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 Fairfield 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
Fairfield, 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 Fairfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfield 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 Fairfield, Illinois
Property taxes in Fairfield, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfield is 2.10%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Fairfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfield 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 Fairfield's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62837 zip code has the highest median property tax rate of 2.10%, while the same zip code also has the lowest median tax rate of 2.10%. Understanding how these areas compare with Fairfield provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfield Tax Rate
2.10%
Average Wayne County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62837 | 0.87% | 1.59% | 2.10% | 2.48% | 3.18% |
Source: Ownwell
Property Tax Assessment Values Across Fairfield, Illinois
In Fairfield, 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 local appraisal district 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 Fairfield, 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. Homeowners in Fairfield can expect a median home price of $65,520, with tax bills ranging from $573 at the 25th percentile to $4,184 at the 90th percentile. The highest median tax bill in the area is $1,509 in the 62837 zip code. 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 processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairfield Assessed Value
$65,520
Average Wayne County Assessed Value
$66,714
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62837 | $12,177 | $32,754 | $65,520 | $116,181 | $163,953 |
Source: Ownwell
Property Tax Bills Across Fairfield, Illinois
In Fairfield, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Various factors influence this, including the home's location within Wayne County, its size, and any applicable exemptions or deductions. For homeowners in Fairfield, the median home price stands at $65,520. Property tax bills can vary significantly, with the 25th percentile at $573 and the 75th percentile reaching $2,808, indicating a wide range of possible tax burdens. At the 90th percentile, tax bills can go up to $4,184. The highest and lowest median tax bills in the area are both $1,509, which suggests some consistency in median tax rates within certain zip codes. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners need to stay informed about their property assessments and any potential exemptions to manage their tax liabilities effectively.
Average Fairfield Tax Bill
$1,509
Average Wayne County Tax Bill
$1,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62837 | $238 | $573 | $1,509 | $2,808 | $4,184 |
Source: Ownwell