Macedonia, Franklin County, Illinois Property Taxes

Name: Property Tax Bills Across Macedonia, Franklin County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Macedonia, IL effective property tax rate: 2.59%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Macedonia, IL home value: $62,775
Median annual Macedonia, IL tax bill: $1,782, $618 lower than the national median property tax bill of $2,400.

How are property taxes in Franklin calculated?

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

Last Updated March 1, 2025

Macedonia, Franklin County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.59%

Estimate Property Tax Bill

$1,626

$1,509

Ownwell’s Macedonia Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Macedonia with just two data points. By entering your property's estimated assessed value, our calculator applies Macedonia’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 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 Franklin County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Macedonia, Franklin County, Illinois

Local government entities determine property tax rates, and these can differ significantly within Illinois. This variation is due to each county's annual budget estimation process, where they calculate the total funds needed to provide public services and divide this by the total assessed value of all taxable property in the area. This process results in the property tax rate. While votes and legislative actions play a role in setting these rates and budgets, this is the basic annual procedure.

In Macedonia, located in Franklin County, the effective property tax rate stands at 2.59%, which is notably higher than the national median of 1.02%. This rate also matches the highest and lowest median tax rates within the state, reflecting a consistency across the county. With a national median property tax bill of $2,400, homeowners in Macedonia may face higher bills due to the elevated local rate. Comparing Macedonia's rate to other cities in Illinois and the U.S. can provide valuable insights for homeowners seeking to understand their property tax obligations.

Property Tax Rates Across Macedonia, Franklin County, Illinois

Source: Ownwell

1.91%

2.49%

3.07%

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 Macedonia Tax Rate

2.59%

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 Macedonia, Franklin County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62860	1.22%	2.02%	2.59%	3.16%	4.17%

Source: Ownwell

Property Tax Assessment Values Across Macedonia, Franklin County, Illinois

When examining property taxes in Macedonia, 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 Macedonia. For example, the median home price in Macedonia is $62,775, with tax bills ranging significantly across the county. Zip code 62860 has the highest median home price at $62,775.

Property Tax Assessment Values Across Macedonia, Franklin County, Illinois

Source: Ownwell

$17,325

$57,900

$98,475

Median Macedonia Market Value

$62,775

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 Macedonia, Franklin County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62860	$15,390	$35,820	$62,775	$115,845	$158,940

Source: Ownwell

Property Tax Bills Across Macedonia, Franklin County, Illinois

In Macedonia, located in Franklin County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding, and public service requirements can influence the tax rate. Homeowners in Macedonia face varying tax bills, with the 25th percentile at $935 and the 75th percentile reaching $3,227. This variation demonstrates how different factors, including property location and market conditions, can impact tax liabilities. Compared to the national median property tax bill of $2,400, some residents may find their tax obligations comparatively high. Ownwell can assist homeowners by identifying potential discrepancies in assessed values, ensuring that they are not overpaying. By leveraging expertise in property tax appeals and exemptions, Ownwell aims to reduce the financial burden on homeowners, potentially saving them significant amounts on their property tax bills.

Property Tax Bills Across Macedonia, Franklin County, Illinois

Source: Ownwell

$527

$1,791

$3,054

Median Macedonia Tax Bill

$1,782

Median Franklin County Tax Bill

$1,464

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Macedonia, Franklin County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62860	$294	$935	$1,782	$3,227	$4,997

Source: Ownwell