Frankfort, Illinois Property Taxes
The median property tax rate in Frankfort, IL is 2.72%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Frankfort at $348,273, the typical annual property tax bill reaches $9,248, significantly exceeding the national median of $2,690. Property taxes in Frankfort 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 Frankfort'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 Frankfort 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
Frankfort, 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 Frankfort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankfort 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 Frankfort, Illinois
Property taxes in Frankfort, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankfort is 2.72%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Frankfort set these rates annually, and they can vary across different neighborhoods. Each year, Frankfort 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 Frankfort's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60423 zip code has the highest median property tax rate of 2.72%, while the same zip code also has the lowest median tax rate of 2.72%. Understanding how these figures compare with Frankfort provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankfort Tax Rate
2.72%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankfort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60423 | 2.38% | 2.62% | 2.72% | 2.82% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Frankfort, Illinois
In Frankfort, 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 Will County 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 Frankfort, 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 Frankfort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Frankfort is $9,248 in the 60423 zip code, reflecting the significant impact of local property tax rates.
Average Frankfort Assessed Value
$348,273
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankfort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60423 | $206,769 | $247,620 | $348,273 | $468,135 | $581,796 |
Source: Ownwell
Property Tax Bills Across Frankfort, Illinois
In Frankfort, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Frankfort is $348,273, and the property tax rate in Will County significantly impacts homeowners. To determine the tax bill, the assessed value is multiplied by the local tax rate. Factors such as the property's location, improvements, and exemptions also play a role in the final amount. For instance, the tax bill at the 25th percentile is $6,672, while at the 75th percentile, it reaches $12,624. Homeowners in the 90th percentile can expect to pay around $15,939. The highest and lowest median tax bills in Frankfort both stand at $9,248, highlighting the uniformity within the zip code 60423. Compared to the national median property tax rate of 0.99%, Frankfort's rates can be considerably higher, affecting homeowners' annual expenses and potentially influencing their financial planning and homeownership decisions.
Average Frankfort Tax Bill
$9,248
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankfort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60423 | $5,269 | $6,672 | $9,248 | $12,624 | $15,939 |
Source: Ownwell