Benton, Franklin County, Illinois Property Taxes
Median Benton, IL effective property tax rate: 2.66%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Benton, IL home value: $60,585
Median annual Benton, IL tax bill: $1,800, $600 lower than the national median property tax bill of $2,400.
How are property taxes in Franklin calculated?
Property taxes in Benton, 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 Benton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Benton, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Benton, Franklin County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.66%
Estimate Property Tax Bill
$1,612
$1,495
Property Tax Rates Across Benton, Franklin County, Illinois
Local government entities set tax rates, which can vary widely within Illinois. This variation is due to the fact that each county annually 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.
Benton, located in Franklin County, has an effective property tax rate that stands out when compared to other cities in Illinois. The median property tax rate in Benton is significantly higher than the national median of 1.02%. This indicates a higher tax burden for property owners in Benton when compared to the national average.
Understanding property tax rates in Benton is crucial for property owners, as it directly impacts their annual tax bills. By engaging in property tax appeals or seeking exemptions, property owners can potentially lower their tax liabilities. With the right guidance and support, navigating the complexities of property taxes in Benton can become a more manageable task.
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 Benton Tax Rate
2.66%
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 County Tax Rate
2.37%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Benton, Franklin County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62812 | 1.19% | 1.99% | 2.66% | 3.25% | 3.34% |
Source: Ownwell
Property Tax Assessment Values Across Benton, Franklin County, Illinois
When examining property taxes in Benton, Illinois, 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 Franklin County appraisal district 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 Franklin County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Benton. For example, the median home price in Benton is $60,585, with tax bills ranging significantly across the county. Zip code 62812 has the highest median home price at $60,585.
Property Tax Assessment Values Across Benton, Franklin County, Illinois
Source: Ownwell
$17,325
$57,900
$98,475
Median Benton Market Value
$60,585
Median Franklin County Market Value
$55,530
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Benton, Franklin County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62812 | $7,392 | $28,320 | $60,585 | $114,915 | $181,026 |
Source: Ownwell
Property Tax Bills Across Benton, Franklin County, Illinois
In Benton, located in Franklin County, IL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, and the local tax rate is set by various taxing authorities in the area. The median home price in Benton is $60,585, which, when combined with the local tax rates, results in a median property tax bill of $1,800. This amount is significantly below the national median property tax bill of $2,400, offering some relief to Benton homeowners. However, tax bills can vary widely, with amounts ranging from $897 at the 25th percentile to $4,797 at the 90th percentile.
Ownwell can assist Benton homeowners by analyzing their property assessments and ensuring they are fair and accurate. By identifying discrepancies or opportunities for exemptions, Ownwell can help homeowners potentially lower their property tax bills, providing significant savings and peace of mind.
Median Benton Tax Bill
$1,800
Median Franklin County Tax Bill
$1,464
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Benton, Franklin County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62812 | $369 | $897 | $1,800 | $3,049 | $4,797 |
Source: Ownwell