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Frankfort, Cook County, Illinois Property Taxes

Median Frankfort, IL effective property tax rate: 3.44%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%. Median Frankfort, IL home value: $240,340. Median annual Frankfort, IL tax bill: $7,817, $5,417 higher than the national median property tax bill of $2,400.

How are property taxes in Cook calculated?

Property taxes in Frankfort, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Frankfort’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Frankfort, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Frankfort, Cook County, Illinois Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.44%

Estimate Property Tax Bill

$8,268

$7,672

SAVE WITH OWNWELL

$1,102

Average Tax Savings

Ownwell’s Frankfort Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, our calculator applies Frankfort’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Cook County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Frankfort, Cook County, Illinois

Local government entities set tax rates, which can vary widely within a state. This is because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Frankfort, located in Cook County, Illinois, the effective property tax rate is significantly higher than both the Illinois state median and the national median. The median property tax rate in Illinois already exceeds the national median, and Cook County's rate is even higher. This makes owning property in Frankfort relatively more expensive in terms of property taxes. For homeowners, understanding these rates is crucial for financial planning, especially when compared to other cities in Illinois and across the U.S.

By grasping the local tax landscape, property owners can make informed decisions and potentially explore options for tax appeals or exemptions to manage their expenses effectively.

Property Tax Rates Across Frankfort, Cook County, Illinois

Source: Ownwell

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1.47%

4.93%

8.39%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Frankfort Tax Rate

3.44%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Cook County Tax Rate

2.01%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Frankfort, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
60423N/AN/AN/AN/AN/A

Source: Ownwell

Property Tax Assessment Values Across Frankfort, Cook County, Illinois

When examining property taxes in Frankfort, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Cook County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Cook County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Frankfort. For example, the median home price in Frankfort is $240,340, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Frankfort, Cook County, Illinois

Source: Ownwell

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$25,480

$637,740

$1,250,000

Median Frankfort Market Value

$240,340

Median Cook County Market Value

$210,000

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Frankfort, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
60423N/AN/AN/AN/AN/A

Source: Ownwell

Property Tax Bills Across Frankfort, Cook County, Illinois

In Frankfort, located in Cook County, IL, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the property's market value, which is determined by the local assessor. Factors such as location, property size, and market trends influence the assessed value. Cook County's property tax rate is significantly higher than the national median of 1.02%, resulting in substantial tax bills for homeowners. The median home price in Frankfort is $240,340, with property tax bills ranging widely. At the 25th percentile, homeowners pay around $4,682, while those at the 75th percentile face bills of approximately $13,815. A small fraction even sees tax bills as high as $30,151 at the 90th percentile. These high costs can be a burden, but Ownwell offers valuable assistance. By helping homeowners appeal their property assessments and securing exemptions, Ownwell can significantly reduce tax liabilities, ensuring homeowners pay only their fair share.

Property Tax Bills Across Frankfort, Cook County, Illinois

Source: Ownwell

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$569

$15,332

$30,094

Median Frankfort Tax Bill

$7,817

Median Cook County Tax Bill

$4,680

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Frankfort, Cook County, Illinois

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
60423N/AN/AN/AN/AN/A

Source: Ownwell

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