West Frankfort, Illinois Property Taxes
The median property tax rate in West Frankfort, IL is 1.88%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in West Frankfort at $96,195, the typical annual property tax bill reaches $1,666, falling below the national median of $2,690. Property taxes in West Frankfort are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding West Frankfort's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of West Frankfort or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
West Frankfort, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$1,808
$1,678
Ownwell’s WEST FRANKFORT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WEST FRANKFORT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WEST FRANKFORT to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across West Frankfort, Illinois
Property taxes in West Frankfort, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in West Frankfort is 1.88%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within West Frankfort set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Frankfort estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares West Frankfort's effective property tax rate to other regions in Illinois and the national median. For comparison, the zip code 62896 has the highest median property tax rate of 1.88%, while the same zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with West Frankfort provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average West Frankfort Tax Rate
1.88%
Average Williamson County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Frankfort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62896 | 1.15% | 1.60% | 1.88% | 2.34% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across West Frankfort, Illinois
In West Frankfort, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Williamson County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In West Frankfort, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the median home price in West Frankfort is $96,195, with tax bills ranging from $694 at the 25th percentile to $4,349 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in West Frankfort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across West Frankfort, Illinois
Source: Ownwell
$20,115
$104,179
$188,242
Average West Frankfort Assessed Value
$96,195
Average Williamson County Assessed Value
$85,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across West Frankfort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62896 | $16,824 | $48,232 | $96,195 | $154,241 | $222,864 |
Source: Ownwell
Property Tax Bills Across West Frankfort, Illinois
Property tax bills in West Frankfort, Williamson County, IL, are determined based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value of the home, which in West Frankfort has a median home price of $96,195. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. In this region, the tax rate is influenced by various factors, including funding needs for public services like schools, infrastructure, and emergency services. Homeowners in West Frankfort can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $694, while the 75th percentile tax bill is $2,915, and the 90th percentile tax bill reaches $4,349. These variations highlight how different property values and local tax rates can affect individual tax burdens. Compared to the national median property tax rate of 0.99%, the property tax rate in West Frankfort can be seen as relatively moderate, though it varies based on specific property assessments and local financial requirements.
Average West Frankfort Tax Bill
$1,666
Average Williamson County Tax Bill
$1,802
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across West Frankfort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62896 | $218 | $694 | $1,666 | $2,915 | $4,349 |
Source: Ownwell