The Village of Franklin Park Tax Guide
HOW ARE MY PROPERTY TAXES CALCULATED?
It can be very frustrating for property owners to see an increase on their tax bills when in many cases their property values have actually declined. Nevertheless, some residents will be seeing increases. Franklin Park has held the dollar level of the Village tax levy flat for three years. But Cook County is increasingly shifting tax liability allocations from commercial and industrial property to residential taxpayers.
The Cook County Assessor reduced the assessment-to-market ratio for each of the three major classifications of property as follows:
• Commercial properties from 38% to 25% -- a 13% reduction
• Industrial properties from 36% to 25% -- an 11% reduction
• Residential properties from 16% to 10% -- only a 6% reduction
The County’s classification changes have negatively impacted residents by passing more of the tax burden onto residential properties. Cook County has also been decreasing the maximum exemption for homeowners, and it declined by $4,000 again this year, or 25%.
• $26,000 for 2008 tax year (property taxes paid the following year in 2009)
• $20,000 for 2009 tax year (property taxes paid the following year in 2010)
• $20,000 for 2010 tax year (property taxes paid the following year in 2011)
• $16,000 for 2011 tax year (property taxes paid the following year in 2012)
• $12,000 for 2011 tax year (property taxes paid the following year in 2013)
This reduction in the Homestead Exemption is a prime reason why the residential taxes continue to escalate.
WHAT IS ASSESSED VALUE?
Property taxes are based on a property’s assessed value. Illinois requires assessed value be periodically updated for real estate tax purposes. In Cook County, this general reassessment is done on a revolving three-year cycle, with about one third of properties reassessed annually. The estimated value of your property is determined by analyzing sales information of similar homes in your area.
If you think your assessed valuation is too high compared to similar properties in your area, you may want to file an appeal. Check the Assessor’s website, www.cookcountyassessor.com
, for details and deadlines.
If you require additional guidance, you may also visit or call the Township Assessor at 2501 Mannheim Road, 847-455-7265. You do not need an appointment.
If new homes or businesses are being built or added to the community, you could see a decrease in your taxes because there is more real estate value over which to spread the burden. Foreclosures, or other properties removed from the tax rolls, drive the value of real estate. Therefore, your bill could increase because there is a smaller tax base to support community needs.
IS THERE TAX RELIEF FOR SENIORS?
If you are over the age of 65, the State of Illinois has a Real Estate Tax Deferral program that allows you to defer your real estate taxes until the home is sold. The application is available at www.cookcountytreasurer.com
. Also, information regarding the Senior Freeze Exemption and the Senior Homeowner Exemption is available from the Cook County Assessor's Office at the same website or by calling 312.443.7550.
Additionally, Leyden Family Services on Grand Avenue, 847.451.0330, may be of assistance in securing additional funds for families or individuals with financial challenges. You may also call or visit the Township Assessor as listed above.
HOW DO PROPERTY TAXES SUPPORT OUR COMMUNITY?
Property taxes are used by the Village to provide essential services, including police, fire and public works that protect our neighborhoods and maintain our infrastructure.
Less than 18% of your tax bill goes to the Village of Franklin Park to support these services.
Other taxing bodies provide education, parks and libraries with their property tax revenues. By looking at your tax bill, you can see the amount and proportion of your property taxes that go to each taxing district in your area. In Franklin Park, on average, over 65% of your property taxes go to support our public schools.
It is important to note that the Village of Franklin Park’s municipal tax rate of 1.929% is one of the lowest in the region, lower than our neighbors Rosemont, Elmwood Park and Schiller Park.
It is equally important to note that we continue to do all we can to hold the line on taxes and the burdens they impose on our residents.
If you would like to discuss your taxes and learn how crucial they are to providing Village services, please feel free to contact us at 847.671.4800.