Example of Franklin County Property Tax Calculation
Franklin County calculates property taxes based on the assessed value of the property. To find the assessed value, the county assessor determines the market value of the property and applies the assessment ratio, which is typically 35%. For example, if a property's market value is $100,000, the assessed value would be $35,000 ($100,000 x 0.35).
Once the assessed value is determined, the county applies the tax rate, which varies depending on the location and type of property. For instance, the tax rate for residential properties in Franklin County might be $0.60 per $100 of assessed value. Using the example above, the annual property tax for a residential property would be $210 ($35,000 x 0.006).
It's important to note that property taxes can also include additional fees for things like schools and fire departments, which vary by location. Property owners in Franklin County can contact their local tax assessor's office for more information on specific tax rates and fees.
If you want appeal your property tax assessment - contact your local tax assessor.
Franklin County Property Tax Rates
Franklin County Property Tax Rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Fund | $1.10 |
| Mental Health & Recovery Services | $0.45 |
| Children Services | $0.50 |
| Developmental Disabilities | $0.50 |
| Emergency Services | $1.00 |
| 911 Services | $0.50 |
| County Home | $0.10 |
| Soil and Water Conservation | $0.15 |
| Library | $0.50 |
Please note that these rates are subject to change and may vary depending on the specific property in question. For more information and assistance with understanding your property tax obligations in Franklin County, it is recommended to consult with a tax advisor or contact the Franklin County Auditor's office.
Who sets property tax rates in Franklin County ?
Who sets property tax rates in Franklin County?
The Franklin County Board of Commissioners is responsible for setting property tax rates in Franklin County.
When are property tax rates set in Franklin County?
Property tax rates are set annually by the Franklin County Board of Commissioners during the budget planning process.
How are property tax rates determined in Franklin County?
The property tax rates in Franklin County are determined based on the county's budget needs and the assessed value of properties in the county. The Board of Commissioners takes into consideration all revenue sources, including state and federal aid, when determining the property tax rates.
What is the current property tax rate in Franklin County?
The current property tax rate in Franklin County for the fiscal year 2021 is $1.34 per $100 of assessed value.
How can residents of Franklin County pay their property taxes?
Residents of Franklin County can pay their property taxes by mail, in person at the Franklin County Treasurer's Office or online through the county's website. The county also offers a program for residents to pay their property taxes in installments.
Homestead exemptions in Franklin County ?
To provide a clear and concise overview of the Homestead exemptions and deductions available in Franklin County, Illinois, the following table has been created with four columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Residential property owners | $6,000 | Applies to primary residences and reduces the taxable value of the property. |
| Senior Citizens Homestead Exemption | Residential property owners aged 65+ | $5,000 | Applies to primary residences and reduces the taxable value of the property. |
| Homestead Improvement Exemption | Residential property owners making improvements | Up to $25,000 | Applies to improvements made to primary residences and can be used in conjunction with other exemptions. |
| Disabled Veterans Standard Homestead Exemption | Residential property owners who are veterans with disabilities | $2,500 | Applies to primary residences and reduces the taxable value of the property. |
| Disabled Veterans Homestead Exemption | Residential property owners who are veterans with disabilities | Up to $100,000 | Applies to primary residences and reduces the taxable value of the property. |
| Returning Veterans Homestead Exemption | Residential property owners who were deployed in active duty | Up to $5,000 | Applies to primary residences and reduces the taxable value of the property for up to two years after returning from active duty. |
| Disabled Persons Homestead Exemption | Residential property owners with disabilities | $2,000 | Applies to primary residences and reduces the taxable value of the property. |
| Home Improvement Exemption | Residential property owners making energy-efficient improvements | Up to $75,000 | Applies to improvements made to primary residences and can be used in conjunction with other exemptions. |
| Property Tax Relief for Veterans with Disabilities | Residential property owners who are veterans with disabilities | Varies | Provides a property tax credit based on the level of disability. |
It is important to note that eligibility criteria for each exemption may vary, and property owners in Franklin County should contact the assessor's office to determine their eligibility and application procedures. Overall, these exemptions and deductions aim to provide property tax relief to eligible individuals in Franklin County, Illinois.
When is Franklin County Property Tax due ?
Franklin County Property Tax Due Date and Payment Methods
Property taxes in Franklin County are typically due on January 31st of each year. The county treasurer's office is responsible for collecting property taxes and offers several payment methods to make it convenient for taxpayers to pay their property taxes on time.
Payment Methods
The following are the payment methods available for Franklin County property taxes:
| Payment Method | Description |
|---|---|
| Taxpayers can mail their payment to the county treasurer's office | |
| In-Person | Taxpayers can make payments in person at the treasurer's office |
| Online | Taxpayers can pay online through the treasurer's website |
It is important to note that payments made by mail must be postmarked by January 31st to be considered on time. Payments made in person or online must be made by 5 pm on January 31st.
Failure to pay property taxes on time can result in penalties and interest charges. If you have any questions regarding your property tax payment, you can contact the county treasurer's office for assistance.
In summary, Franklin County property taxes are due on January 31st each year, and taxpayers have several payment methods to choose from, including mail, in-person, and online payment options.
If you have more questions - contact your local tax collector.
How is Franklin County Property Tax penalty calculated ?
Franklin County calculates Property Tax penalties based on the amount of unpaid taxes, the length of time they remain unpaid, and the interest rate set by the state. Here is an example of how the penalty is calculated:
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Determine the amount of unpaid taxes: Let's say that a property owner owes $5,000 in property taxes.
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Determine the length of time the taxes have been unpaid: If the property owner missed the payment deadline by one month, the penalty would be assessed at 5% of the unpaid taxes.
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Calculate the penalty: Using the example above, the penalty would be calculated as follows: $5,000 x 5% = $250.
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Add interest: In addition to the penalty, the property owner would also be charged interest on the unpaid taxes until they are paid in full. The interest rate is set by the state and is currently 1% per month.
To summarize, the Franklin County Property Tax penalty is calculated by taking the amount of unpaid taxes, multiplying it by a percentage based on the length of time the taxes have been unpaid, and then adding interest. It is important to pay property taxes on time to avoid penalties and interest charges.
We recommend contacting the Franklin County Tax Office or a local tax professional for the most up-to-date and accurate information.