Franklin, Morgan County, Illinois Property Taxes
Median Franklin, 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, IL home value: $38,760
Median annual Franklin, IL tax bill: $764, $1,636 lower than the national median property tax bill of $2,400.
How are property taxes in Morgan County calculated?
Property taxes in Franklin, 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’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Franklin, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Franklin, Morgan County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.07%
Estimate Property Tax Bill
$802
$745
Property Tax Rates Across Franklin, Morgan County, Illinois
Local government entities are responsible for setting tax rates, which can vary widely within a state. Each year, counties estimate their required budget to provide services and divide that by the total value of all taxable property within their 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 Franklin, located in Morgan County, IL, the effective property tax rate is notably higher than the national median of 1.02%. This places a significant burden on property owners in the area, as they face property tax bills that are considerably above the national median of $2400. In comparison to other cities in Illinois, Franklin's property tax rate stands out, reflecting the broader trend within the state. Illinois is known for having higher property tax rates compared to the national average, which can impact homeowners' financial planning and overall cost of living. Understanding these rates is crucial for property owners when considering the long-term costs associated with homeownership in Franklin and throughout Illinois.
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 Taxx 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 Morgan County Taxx Rate
3.18%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Morgan County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62638 | 1.12% | 1.67% | 2.07% | 2.17% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Morgan County, Illinois
When examining property taxes in Franklin, 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 Morgan 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 Morgan 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. For example, the median home price in Franklin is $38,760, with tax bills ranging significantly across the county. Zip code 62638 has the highest median home price at $38,760.
Property Tax Assessment Values Across Franklin, Morgan County, Illinois
Source: Ownwell
$38,760
$55,440
$72,120
Median Franklin Market Value
$38,760
Median Morgan County Market Value
$54,570
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Franklin, Morgan County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62638 | $16,962 | $21,630 | $38,760 | $70,350 | $78,996 |
Source: Ownwell
Property Tax Bills Across Franklin, Morgan County, Illinois
Median Franklin Tax Bill
$764
Median Morgan County Tax Bill
$1,473
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Morgan County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62638 | $282 | $431 | $764 | $970 | $1,268 |
Source: Ownwell