Franklin Grove, Illinois Property Taxes
The median property tax rate in Franklin Grove, IL is 2.11%, 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 Grove at $209,217, the typical annual property tax bill reaches $4,496, exceeding the national median of $2,690. Property taxes in Franklin Grove are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Franklin Grove'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 Grove or another part of Ogle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin Grove, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$4,414
$4,314
Ownwell’s Franklin Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklin Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklin Grove 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 Grove, Illinois
Property taxes in Franklin Grove, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin Grove is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Franklin Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklin Grove 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 Grove's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61031 has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these cities compare with Franklin Grove provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Grove Tax Rate
2.11%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61031 | 1.68% | 2.10% | 2.11% | 2.29% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Franklin Grove, Illinois
In Franklin Grove, 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 Ogle 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 Franklin Grove, 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 Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Franklin Grove is $4,496 in the 61031 zip code, which also has the lowest median tax bill.
Property Tax Assessment Values Across Franklin Grove, Illinois
Source: Ownwell
$73,428
$231,909
$390,390
Average Franklin Grove Assessed Value
$209,217
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61031 | $143,020 | $195,609 | $209,217 | $213,807 | $267,287 |
Source: Ownwell
Property Tax Bills Across Franklin Grove, Illinois
In Franklin Grove, 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, determined by Ogle County, is applied to this assessed value to calculate the annual tax bill. Homeowners in Franklin Grove experience varying tax bills depending on several factors, including property size, location, and any applicable exemptions. For instance, the median home price in Franklin Grove is $209,217, and tax bills can range significantly. At the 25th percentile, homeowners might pay around $4,186 annually, while those at the 75th and 90th percentiles could see bills of approximately $4,900 and $6,020, respectively. This variation highlights how different factors influence the final amount owed. Compared to the national median property tax rate of 0.99%, Franklin Grove's property taxes can be relatively high, impacting homeowners by adding a substantial annual expense. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Franklin Grove Tax Bill
$4,496
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61031 | $2,202 | $4,186 | $4,496 | $4,900 | $6,020 |
Source: Ownwell