Mulkeytown, Franklin County, Illinois Property Taxes

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

Median Mulkeytown, IL effective property tax rate: 1.95%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Mulkeytown, IL home value: $61,065
Median annual Mulkeytown, IL tax bill: $1,262, $1,138 lower than the national median property tax bill of $2,400.

How are property taxes in Franklin County calculated?

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

Last Updated March 1, 2025

Mulkeytown, Franklin County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.95%

Estimate Property Tax Bill

$1,191

$1,105

Ownwell’s Mulkeytown Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mulkeytown with just two data points. By entering your property's estimated assessed value, our calculator applies Mulkeytown’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 Mulkeytown, Franklin County, Illinois

Local government entities are responsible for setting tax rates, which can vary significantly within a state. Each county annually estimates its budget for services and divides this by the total value of all taxable property in its area to determine the property tax rate. This process, while involving votes and laws, is the essence of how tax rates are set each year.

In Mulkeytown, located in Franklin County, the effective property tax rate stands out when compared to other cities in Illinois and the national median. Illinois has a median property tax rate of 1.95%, which is notably higher than the national median of 1.02%. This means that property owners in Mulkeytown and the surrounding areas might find themselves paying more in property taxes compared to the national average. Understanding these rates is crucial for property owners looking to manage their tax liabilities effectively. By being informed about how local tax rates compare, property owners can make better decisions and potentially seek appeals or exemptions to reduce their tax burden.

Property Tax Rates Across Mulkeytown, 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 Mulkeytown Tax Rate

1.95%

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 Mulkeytown, Franklin County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62865	0.91%	1.45%	1.95%	2.33%	3.16%

Source: Ownwell

Property Tax Assessment Values Across Mulkeytown, Franklin County, Illinois

When examining property taxes in Mulkeytown, 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 Franklin 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 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 Mulkeytown. For example, the median home price in Mulkeytown is $61,065, with tax bills ranging significantly across the county. Zip code 62865 has the highest median home price at $61,065.

Property Tax Assessment Values Across Mulkeytown, Franklin County, Illinois

Source: Ownwell

$17,325

$57,900

$98,475

Median Mulkeytown Market Value

$61,065

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 Mulkeytown, Franklin County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62865	$6,732	$31,620	$61,065	$110,280	$151,923

Source: Ownwell

Property Tax Bills Across Mulkeytown, Franklin County, Illinois

In Mulkeytown, located in Franklin County, IL, property taxes are determined by assessing the property's value and applying the local tax rate. The median home price in this area is $61,065, significantly lower than the national median. Homeowners in Mulkeytown experience a range of property tax bills, with the 25th percentile paying around $604, while those in the 75th percentile face bills of approximately $2,251. The 90th percentile sees bills reaching $3,353. These figures highlight a considerable variance in property tax obligations, influenced by factors such as property size, location, and improvements. Compared to the national median property tax bill of $2,400, Mulkeytown's tax bills can be relatively modest or quite burdensome, depending on the specific property. This variability underscores the importance of accurate property assessments. Ownwell offers expertise in property tax appeals and exemptions, helping homeowners potentially reduce their tax burden. By ensuring fair assessments and identifying eligible exemptions, Ownwell assists homeowners in Mulkeytown in managing and potentially lowering their property tax expenses.

Property Tax Bills Across Mulkeytown, Franklin County, Illinois

Source: Ownwell

$527

$1,791

$3,054

Median Mulkeytown Tax Bill

$1,262

Median Franklin County Tax Bill

$1,464

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Mulkeytown, Franklin County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62865	$238	$604	$1,262	$2,251	$3,353

Source: Ownwell