Franklin, Morgan County, Illinois Property Taxes
Property Taxes in Franklin, Illinois
Median Franklin, Illinois effective property tax rate: 1.77%, significantly lower than the national median of 1.02%, and lower than the Illinois state median of 2.33%.
Median Franklin, Illinois home value: $106,620
Median annual Franklin, Illinois tax bill: $1,734, $666 lower than the national median property tax bill of $2,400.
How are property taxes in Morgan calculated?
Property taxes in Franklin, Illinois 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 April 13, 2026
Franklin, Morgan County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.77%
Estimate Property Tax Bill
$1,887
$1,751
How Does the Franklin Property Tax Calculator Work?
Use this Franklin property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and the calculator applies Franklin's median effective tax rate of 1.77% — based on actual property records in Morgan County — to generate your estimate.
Enter your property's estimated assessed value — the figure used to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. The calculator applies Franklin's median effective rate across local levies, giving a more accurate estimate than using a single county millage rate.
Your bill may vary by ZIP code within Franklin, though the available local data shows the same median property tax bill of $1,734 in 62638. That is $666 lower than the Illinois median property tax bill and the Franklin median effective rate of 1.77% is lower than the state median tax rate of 2.33%.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Franklin.
About Franklin Property Taxes
About Property Taxes in Franklin, Morgan, Illinois
Franklin’s median effective property tax rate of 1.77% is higher than the Illinois state median of 2.33% and higher than the national median of 1.02%. This rate reflects the Morgan County base levy combined with local school district levies and special service areas that can vary by subdivision throughout the city.
Property tax rates are not uniform across Franklin. Homeowners in the 62638 ZIP code carry a median effective rate of 1.77%, while those in the same ZIP code pay 1.77%. This reflects how school district boundaries and local assessment districts are drawn across Morgan County, even when the spread is limited in a smaller market.
Franklin homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Franklin, Morgan County, Illinois
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its 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.
Below, you can compare Franklin’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
Our median effective property tax rate (tax bill Ă· 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 Tax Rate
1.77%
Our median effective property tax rate (tax bill Ă· 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 Tax Rate
2.08%
Median Effective Illinois Tax Rate
2.33%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Franklin, Morgan County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62638 | 1.17% | 1.53% | 1.77% | 2.02% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Morgan County, Illinois
When examining property taxes in Franklin, Illinois, 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 assessment office 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.
Assessment notices:
In Morgan County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month when notices are sent.
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 understanding how assessed and market values are determined, property owners can better navigate their tax responsibilities in Franklin.
For example, the median home price in Franklin is $106,620, with tax bills ranging significantly across the county. ZIP code 62638 has the highest median home price at $106,620.
Property Tax Assessment Values Across Franklin, Morgan County, Illinois
Source: Ownwell
$49,485
$105,413
$161,340
Median Franklin Market Value
$106,620
Median Morgan County Market Value
$107,895
Median Illinois Market Value
$227,888
Median United States Market Value
$235,294
Property Tax Assessment Values Across Franklin, Morgan County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62638 | $28,236 | $69,240 | $106,620 | $145,935 | $199,872 |
Source: Ownwell
Property Tax Bills Across Franklin, Morgan County, Illinois
How are property tax bills calculated in Franklin?
Property tax bills in Franklin are based on the assessed value of a home and the local tax rate set by taxing authorities. The assessed value is compared with the market value of the property, and that figure is used to determine how much tax a homeowner owes. Factors such as location, local government budgets, and school district funding can all influence the final bill.
What do Franklin homeowners typically pay?
With a median home price of $106,620, property tax bills can vary widely. The 25th percentile tax bill is $937, while the 75th percentile is $2,543. At the higher end, the 90th percentile reaches $3,604. The median tax bill in the highest and lowest ZIP code is $1,734 in 62638.
How does this affect homeowners?
Because property taxes are tied to home value and local rates, even small changes in assessment can affect annual costs. For homeowners, understanding how the bill is calculated can help explain why taxes rise or fall from year to year.
Median Franklin Tax Bill
$1,734
Median Morgan County Tax Bill
$2,129
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across Franklin, Morgan County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62638 | $422 | $937 | $1,734 | $2,543 | $3,604 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | July 1 |
Links | |
|---|---|
| Morgan Tax Assessor | |
| Website | morganil.devnetwedge.com |