Franklin, Maine Property Taxes
The median property tax rate in Franklin, ME is 1.28%, which is considerably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $157,700 in Franklin, the typical annual property tax bill reaches $1,990, falling below the national median of $2,690. Property taxes in Franklin are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Franklin's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Franklin or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$2,019
Ownwell’s Franklin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklin to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Franklin, Maine
Property taxes in Franklin, Maine, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 1.28%, significantly higher than the U.S. national median of 0.99%. Local government entities within Franklin set these rates annually, and they can vary across different neighborhoods. Each year, Franklin estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Franklin's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04634 has both the highest and lowest median property tax rate of 1.28%. Understanding how these areas compare with Franklin provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
1.28%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04634 | 1.28% | 1.28% | 1.28% | 1.28% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Maine
In Franklin, Maine, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Hancock County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Franklin, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the median home price in Franklin is $157,700, with tax bills ranging from $1,265 at the 25th percentile to $3,815 at the 90th percentile. Being aware of these valuation processes in Franklin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Franklin Assessed Value
$157,700
Average Hancock County Assessed Value
$205,850
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04634 | $57,914 | $101,440 | $157,700 | $224,730 | $300,326 |
Source: Ownwell
Property Tax Bills Across Franklin, Maine
Property tax bills in Franklin, located in Hancock County, ME, are determined by assessing the market value of a property and applying the local tax rate to this value. The median home price in Franklin is $157,700, which serves as a baseline for calculating property taxes. Homeowners in Franklin can expect their tax bills to vary significantly, with the 25th percentile tax bill at $1,265 and the 75th percentile tax bill reaching $2,856. For those in the 90th percentile, tax bills can go up to $3,815. The highest median tax bill recorded in the area is $1,990, which is also the lowest, both occurring in the zip code 04634. These figures indicate that while some homeowners may find their property taxes manageable, others could face a significant financial burden. The national median property tax rate is 0.99%, and Franklin's tax rates reflect a similar structure, impacting homeowners' overall financial planning and property affordability.
Average Franklin Tax Bill
$1,990
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04634 | $717 | $1,265 | $1,990 | $2,856 | $3,815 |
Source: Ownwell