West Frankfort, Illinois Property Taxes
The median property tax rate in West Frankfort, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in West Frankfort at $47,325, the typical annual property tax bill reaches $1,317, exceeding the national median of $2,690. Property taxes in West 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 West 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 West 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
West 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 WEST FRANKFORT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WEST FRANKFORT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WEST 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 West Frankfort, Illinois
Property taxes in West Frankfort, Illinois, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Frankfort is 2.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within West Frankfort set these rates annually, and they can vary significantly across different neighborhoods. Each year, West 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 West Frankfort's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62896 zip code has the highest median property tax rate of 2.39%, while the same zip code also has the lowest median tax rate of 2.39%. Understanding how these cities compare with West Frankfort provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average West Frankfort Tax Rate
2.39%
Average Franklin County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Frankfort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62896 | 1.03% | 1.80% | 2.39% | 3.25% | 3.32% |
Source: Ownwell
Property Tax Assessment Values Across West Frankfort, Illinois
In West 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 Franklin 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. 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 West Frankfort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in West Frankfort is $47,325, with tax bills ranging from $688 at the 25th percentile to $3,568 at the 90th percentile. Notably, the zip code 62896 has the highest and lowest median tax bill, both at $1,317.
Average West Frankfort Assessed Value
$47,325
Average Franklin County Assessed Value
$55,530
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across West Frankfort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62896 | $7,368 | $29,415 | $47,325 | $92,730 | $157,416 |
Source: Ownwell
Property Tax Bills Across West Frankfort, Illinois
In West Frankfort, located in Franklin County, IL, 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 the area is $47,325. Local tax authorities then apply the tax rate to this assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood developments, and overall market trends can influence the assessed value. For homeowners, this means that changes in the local real estate market or property enhancements can lead to fluctuations in their tax bills. The 25th percentile tax bill in West Frankfort is $688, while the 75th percentile tax bill stands at $2,113, and the 90th percentile reaches up to $3,568. These figures illustrate the range of property tax burdens faced by homeowners in the area. Compared to the national median property tax rate of 0.99%, West Frankfort’s tax bills reflect both the local property values and the specific tax rates applied by Franklin County.
Average West Frankfort Tax Bill
$1,317
Average Franklin County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across West Frankfort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62896 | $241 | $688 | $1,317 | $2,113 | $3,568 |
Source: Ownwell