Franklin Park, Illinois Property Taxes
The median property tax rate in Franklin Park, IL is 2.07%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Franklin Park, the typical annual property tax bill reaches $4,749, exceeding the national median of $2,690. Property taxes in Franklin Park 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 Franklin Park'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 Park 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 Park, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.07%
Estimate Property Tax Bill
$4,968
$4,855
$1,148
Average Franklin Park, Illinois Tax Savings
Ownwell’s Franklin Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklin Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklin Park to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Franklin Park. 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 Park, Illinois
Property taxes in Franklin Park, 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 Park 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 Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklin Park 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 Park's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in Cook County is also 2.07%, while the lowest median tax rate is the same at 2.07%. Understanding how these cities compare with Franklin Park provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Park Tax Rate
2.07%
Average Cook County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60131 | 1.32% | 1.74% | 2.07% | 2.38% | 2.72% |
Source: Ownwell
$1,148
Average Franklin Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Franklin Park, Illinois
In Franklin Park, 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 Cook County Assessor's 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 Franklin Park, 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 Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Franklin Park is $4,749 in the 60131 zip code, which also has the lowest median tax bill, demonstrating a consistent tax landscape.
Property Tax Assessment Values Across Franklin Park, Illinois
Source: Ownwell
$13,140
$631,570
$1,250,000
Average Franklin Park Assessed Value
$240,000
Average Cook County Assessed Value
$210,000
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60131 | $123,920 | $192,910 | $240,000 | $260,000 | $280,700 |
Source: Ownwell
$1,148
Average Franklin Park Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Franklin Park, Illinois
In Franklin Park, Cook County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value, and the tax rate is then applied to this assessed value. For example, with a median home price of $240,000, homeowners might face tax bills ranging from $3,145 at the 25th percentile to $6,542 at the 90th percentile. This variability is influenced by factors such as property location, improvements, and local tax levies. High property tax bills can significantly impact homeowners, making it essential to ensure their property is fairly assessed. This is where Ownwell's expertise comes into play. By providing property tax appeal and exemption services, Ownwell helps homeowners challenge inaccurate assessments and secure potential reductions in their tax bills. This ensures that homeowners in Franklin Park only pay their fair share, potentially saving them hundreds or even thousands of dollars annually.
Average Franklin Park Tax Bill
$4,749
Average Cook County Tax Bill
$4,680
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60131 | $1,993 | $3,145 | $4,749 | $5,575 | $6,542 |
Source: Ownwell
$1,148
Average Franklin Park Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Tax Bill | |
| Issued | February 1 |
| Due Date #1 | March 1 |
| Due Date #2 | August 1 |
Links | |
|---|---|
| Cook Assessor’s Office | |
| Phone | (312) 443-7550 |
| Website | assessorpropertydetails.cookcountyil.gov |
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