Franklin, Illinois Property Taxes
The median property tax rate in Franklin, IL is 2.07%, which is considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $38,760 in Franklin, the typical annual property tax bill amounts to $764, falling below the national median of $2,690. Property taxes in Franklin are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Franklin'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 Franklin 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
Franklin, 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 Franklin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklin 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 Franklin, Illinois
Property taxes in Franklin, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 2.07%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Franklin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklin 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 Franklin's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62638 zip code has the highest median property tax rate of 2.07%, while the lowest median tax rate is also 2.07%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
2.07%
Average Morgan County Tax Rate
3.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62638 | 1.12% | 1.67% | 2.07% | 2.17% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Illinois
In Franklin, 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 Franklin, 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 Franklin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Franklin are both $764 in the 62638 zip code.
Average Franklin Assessed Value
$38,760
Average Morgan County Assessed Value
$54,570
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62638 | $16,962 | $21,630 | $38,760 | $70,350 | $78,996 |
Source: Ownwell
Property Tax Bills Across Franklin, Illinois
In Franklin, Morgan County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is typically a percentage of the market value of the property. For example, the median home price in Franklin is $38,760. Once the assessed value is established, local tax rates, which vary by jurisdiction, are applied to calculate the tax bill. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and local government budgets. In Franklin, the 25th percentile tax bill is $431, while the 75th percentile reaches $970, and the 90th percentile climbs to $1,268. These figures highlight the range of tax burdens homeowners may face. Homeowners in Franklin might find their tax bills higher or lower than the national median property tax rate of 0.99%, depending on their property's assessed value and specific local tax rates. This variability can significantly impact a homeowner's annual expenses, making it crucial to understand how these factors come together to determine their property tax obligations.
Average Franklin Tax Bill
$764
Average Morgan County Tax Bill
$1,473
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62638 | $282 | $431 | $764 | $970 | $1,268 |
Source: Ownwell