62865 Property Tax Rate

Property owners in ZIP code 62865 (Mulkeytown, Illinois) pay a median of $1,891/year in property taxes on homes valued at $154,800. This translates to an effective tax rate of 1.22%, which is 35% below the Illinois state average of 1.88%.

The monthly property tax burden for a median-valued home in 62865 is approximately $158, which factors into escrow payments on mortgages. This ZIP code is located within Franklin County. This is $1,610 less than the Illinois average of $3,501/year.

Compared to similar ZIP codes in Illinois, 62865 has higher property taxes. ZIP codes with similar effective rates include 61346 (1.22%) and 61243 (1.22%).

In Mulkeytown, property taxes represent approximately 2.8% of the median household income of $66,763, providing context for the relative tax burden on homeowners in this area.

Illinois restricts annual assessed value increases to 7%, though full reassessment to market value at sale applies under state law. Franklin County offers a $10,000 General Homestead Exemption for primary residences — apply with the Franklin County Assessor within 30 days of purchase to lower your assessed value. Contact the Franklin County Assessor to confirm the exemption effective date and verify it appears on your tax bill.