Franklin County, IL Property Tax: Understanding the Basics
Property taxes in Franklin County, Illinois, are an essential aspect of the local government’s funding, playing a crucial role in maintaining public services and infrastructure. This article aims to provide a comprehensive overview of Franklin County, IL property tax, including its rates, assessment process, and potential exemptions.
Property Tax Rates in Franklin County, IL
The property tax rate in Franklin County, IL, is determined by various factors, including the assessed value of the property, the tax rate set by the county board, and any additional levies imposed by local school districts, townships, and other taxing bodies. As of the latest available data, the county’s property tax rate is approximately $5.50 per $100 of assessed value.
Assessment Process
The assessment process in Franklin County, IL, involves the county assessor’s office, which is responsible for determining the assessed value of all taxable property within the county. The assessed value is a percentage of the property’s market value, typically set at 33.33%. The assessor’s office conducts periodic reassessments to ensure that property values are accurate and up-to-date.
Property Tax Exemptions
Several property tax exemptions are available in Franklin County, IL, to help reduce the tax burden on eligible homeowners. Some common exemptions include:
1. Senior Citizen Exemption: Eligible homeowners aged 65 or older may qualify for a reduction in their property tax bill.
2. Disabled Veterans Exemption: Disabled veterans and their surviving spouses may be eligible for property tax relief.
3. Homeowners’ Exemption: Eligible homeowners may receive a reduction in their property tax bill based on the type of property and their income level.
4. Peppercorn Tax: Certain agricultural property owners may qualify for a peppercorn tax, which is a minimal tax payment.
Understanding Property Tax Bills
Property tax bills in Franklin County, IL, are sent out annually by the county treasurer’s office. The bill includes the property’s assessed value, the tax rate, and the total amount due. It is essential for homeowners to review their bills carefully to ensure accuracy and understand the payment deadlines.
Property Tax Appeal Process
If a homeowner believes that their property’s assessed value is incorrect or that they are eligible for an exemption, they may file an appeal with the county board of review. The appeal process involves submitting a petition and providing evidence to support the claim. The board of review will review the evidence and make a decision on the appeal.
Conclusion
Understanding Franklin County, IL property tax is crucial for homeowners to ensure they are paying the correct amount and taking advantage of available exemptions. By familiarizing themselves with the assessment process, tax rates, and exemptions, homeowners can make informed decisions regarding their property tax obligations.