62638 Property Tax Rate

Property owners in ZIP code 62638 (Franklin, Illinois) pay a median of $1,717/year in property taxes on homes valued at $122,000. This translates to an effective tax rate of 1.41%, which is 25% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 62638 is approximately $143, which factors into escrow payments on mortgages. This ZIP code is located within Morgan County. This is $1,784 less than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 62638 has higher property taxes. ZIP codes with similar effective rates include 62084 (1.41%) and 62320 (1.41%).

In Franklin, property taxes represent approximately 2.1% of the median household income of $80,395, providing context for the relative tax burden on homeowners in this area.

Illinois limits assessed value increases to 7% per year, though reassessment to market value at sale applies under state law. Morgan County offers a $10,000 General Homestead Exemption — submit your application to the Morgan County Assessor within 30 days of purchase to lower your assessed value. Request a copy of your assessment from the Morgan County Assessor to verify the exemption reduced your base by $10,000.