Franklin Park, Cook County, Illinois Property Taxes
Median Franklin Park, IL effective property tax rate: 2.07%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Franklin Park, IL home value: $240,000
Median annual Franklin Park, IL tax bill: $4,749, $2,349 higher than the national median property tax bill of $2,400.
How are property taxes in Cook County calculated?
Property taxes in Franklin Park, 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 Franklin Park’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Franklin Park, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Franklin Park, Cook County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.07%
Estimate Property Tax Bill
$4,968
$4,610
$1,102
Average Tax Savings
Property Tax Rates Across Franklin Park, Cook County, Illinois
Local government entities set tax rates, which can vary widely within a state. 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.
Franklin Park in Cook County, IL, stands out with a property tax rate of 2.07%. This rate is significantly higher than the national median property tax rate of 1.02%. When compared to the national median property tax bill of $2400, residents in Franklin Park may find themselves paying more due to the higher rate. This underscores the importance of understanding local property tax rates and their potential impact on homeowners.
Below, you can compare Franklin Park’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Franklin Park’s rate reflects the local government’s approach to balancing budgetary needs with property values.
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 Franklin Park Tax Rate
2.07%
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 Franklin Park, Cook County, 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
$1,102
Average Franklin Park Tax Savings
Save on your property taxes & more with Ownwell
Property Tax Assessment Values Across Franklin Park, Cook County, Illinois
When examining property taxes in Franklin Park, 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 Franklin Park.
For example, the median home price in Franklin Park is $240,000, with tax bills ranging significantly across the county. Zip code 60131 has the highest median home price at $240,000.
Property Tax Assessment Values Across Franklin Park, Cook County, Illinois
Source: Ownwell
$25,480
$637,740
$1,250,000
Median Franklin Park Market Value
$240,000
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 Franklin Park, Cook County, 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
$1,102
Average Franklin Park Tax Savings
Save on your property taxes & more with Ownwell
Property Tax Bills Across Franklin Park, Cook County, Illinois
In Franklin Park, Cook County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. With a median home price of $240,000, homeowners face property tax rates that can lead to substantial annual bills. The median property tax bill in this area is $4,749, which is significantly higher than the national median of $2,400. Tax bills can vary widely, with the 25th percentile at $3,145 and the 90th percentile reaching $6,542. These figures highlight the potential financial impact on homeowners, where local services and school funding heavily rely on property taxes.
Ownwell offers a solution by helping homeowners appeal their property taxes, potentially reducing their tax burden. By analyzing property assessments and identifying discrepancies, Ownwell can assist in lowering tax bills, ensuring homeowners are not overpaying. With expert guidance, homeowners can navigate the complex appeals process, ultimately saving money and gaining peace of mind regarding their property tax obligations.
Median Franklin Park Tax Bill
$4,749
Median Cook County Tax Bill
$4,680
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Franklin Park, Cook County, 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
$1,102
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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