Average Tax Assessment in Franklin County
Real Estate Values and Property Tax Valuation in Franklin County, Illinois
Franklin County has a total of 2,490 properties with a cumulative value of $189.1M. This represents 0.03% of all real estate value in Illinois. Property taxes in Franklin County totaled $4.4M, with an average homeowner paying $1,770 in property taxes compared to the state average of $5,405. The average property tax rate in Franklin County is 2.30%, lower than the state average of 2.47%. Properties are typically valued for tax purposes based on their market value.
In Illinois, property taxes are based on the value of the property as of January 1st. Property owners have the option to appeal their property taxes between June and December, or within 30 days of when the notices are published. Property tax bills are issued on February 1st and July 1st, with the first installment due on June 1st in Cook County. This first installment is estimated at 55% of the prior year's tax bill, with taxes paid in arrears.
Updated November 01, 2023
| Important Links | |
|---|---|
| Franklin Clerk | (903) 537-4252 6 |
| TexasFile Clerk Records | - |
| Franklin County Clerk | (502) 875-8703 |
| Franklin Treasurer | (717) 261-3120 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Tax Appeal Deadline: | June - December or 30 days after notices are published |
| Property Tax Bills Issued: | February 1st and July 1st |
| Real Property Tax Bill Due (1st of #): | June, Two installments but due dates may vary by county March 1st, Cook County - 1st half installment, estimated at 55% of prior year tax bill with taxes paid in arrears. |
| Real Property Tax Bill Due (2nd of #): | September, Two installments but due dates may vary by county August 1, Cook County - 2nd half installment - TARGETED but may be delayed - due 30 days after being issued. Reconciled installment using the BOR certified AV, actual local tax rate, and final state equalization factor, less the estimated 1st installment with taxes paid in arrears |
| Available Exemptions | |
|---|---|
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Franklin County
Residential Property Taxes by Cities in Franklin County
Franklin County has an average property tax rate of 2.30%, which is lower than the national average of 1.19%. This rate is slightly higher than the state average of 2.14%. The average property tax bill in Franklin County is $1,770, which is lower than the state average of $2,072. Property taxes in Franklin County vary across the cities, with Benton having the highest effective property tax rate of 2.51%, and Mulkeytown having the lowest effective property tax rate of 1.88%.
Overall, Franklin County has a relatively low property tax rate compared to the rest of the state and nation. However, there is still a significant difference in property tax rates across the cities in the county. Homeowners in Benton pay the highest effective property tax rate, while homeowners in Mulkeytown pay the lowest.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Franklin County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Benton | $8,280 | $26,636 | $57,382 | $114,611 | $180,836 |
| Mulkeytown | $5,172 | $32,085 | $61,065 | $103,440 | $149,787 |
| Thompsonville | $12,510 | $30,780 | $66,120 | $110,955 | $174,210 |
| West Frankfort | $6,593 | $27,964 | $46,350 | $91,515 | $156,309 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Franklin County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Benton | $125 | $688 | $1,508 | $2,689 | $4,461 |
| Mulkeytown | $128 | $542 | $1,123 | $1,981 | $3,097 |
| Thompsonville | $200 | $644 | $1,383 | $2,481 | $3,979 |
| West Frankfort | $102 | $461 | $1,167 | $1,924 | $3,297 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Benton | 1.51% | 2.58% | 2.63% | 2.35% | 2.47% |
| Mulkeytown | 2.47% | 1.69% | 1.84% | 1.92% | 2.07% |
| Thompsonville | 1.60% | 2.09% | 2.09% | 2.24% | 2.28% |
| West Frankfort | 1.55% | 1.65% | 2.52% | 2.10% | 2.11% |
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Real Estate Values in Franklin County
The median home price in Franklin County, Illinois decreased by 39.02% from October 2022 to October 2023, from $123.0K to $75.0K. This decrease in home prices was accompanied by a decrease in home inventory, from 145 in October 2022 to 120 in October 2023. This suggests that the housing market in Franklin County is becoming more competitive, with fewer homes available for sale and lower prices.
Average Home Value in Franklin County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Franklin County
Last updated: November 2023
Percent Change in New Home Listings in Franklin County
Last updated: November 2023
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Mortgage Rates in Franklin County
There are currently no outstanding loans in Franklin County, making it difficult to determine the total outstanding loan amount across home mortgages. However, the median mortgage rate in the county can vary significantly depending on the city. For example, the city with the highest median mortgage rate may have a rate that is much higher than the city with the lowest median mortgage rate. This variation in rates can have a significant impact on the total amount of money that a homeowner needs to pay for their mortgage.
In addition, the percentage of total home value that is taken up by mortgages can also vary significantly across counties. In Franklin County, the percentage of total home value taken up by mortgages is likely to be lower than in other counties due to the lack of outstanding loans. This can be beneficial for homeowners as it allows them to keep more of their home equity, which can be used to make other investments or to pay off other debts.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Franklin County by city.
We currently do not have this data but we are working to add this soon.
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Franklin County.
We currently do not have this data but we are working to add this soon.
Housing Expenses in Franklin County, Illinois
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