Franklin, Massachusetts Property Taxes
The median property tax rate in Franklin, MA is 1.26%, notably higher than both the national median of 0.99% and the Massachusetts state median of 1.23%. With a median home value of $524,050 in Franklin, the typical annual property tax bill amounts to $6,592, significantly exceeding the national median of $2,690. Property taxes in Franklin are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence exemption. Understanding Franklin's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Franklin or another part of Norfolk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$6,603
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, Massachusetts
Property taxes in Franklin, Massachusetts, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 1.26%, higher than the U.S. national median of 0.99%. Local government entities within Franklin set these rates annually, and they can vary significantly 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 and the national median. For comparison, the 02038 zip code has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Norfolk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
1.26%
Average Norfolk County Tax Rate
1.18%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02038 | 1.26% | 1.26% | 1.26% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Massachusetts
In Franklin, Massachusetts, 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 Norfolk 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. Being aware of these valuation processes in Franklin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Franklin is $6,592 in the 02038 zip code, which is also the lowest median tax bill.
Property Tax Assessment Values Across Franklin, Massachusetts
Source: Ownwell
$363,800
$1,318,700
$2,273,600
Average Franklin Assessed Value
$524,050
Average Norfolk County Assessed Value
$592,100
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02038 | $339,970 | $443,900 | $524,050 | $662,000 | $771,100 |
Source: Ownwell
Property Tax Bills Across Franklin, Massachusetts
In Franklin, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. The assessed value typically reflects the market value of your property. Once the assessed value is established, it is multiplied by the local property tax rate to determine your annual tax bill. For homeowners in Franklin, the tax rate is applied uniformly, but the actual tax bill can vary significantly depending on the value of the property. For instance, the median home price in Franklin is $524,050. Homeowners can expect property tax bills ranging from $5,584 at the 25th percentile to $9,700 at the 90th percentile. The highest and lowest median tax bill in Franklin both stand at $6,592, reflecting the uniformity in tax rates across the area. Compared to the national median property tax rate of 0.99%, Franklin's property taxes are relatively higher, impacting homeowners with higher annual tax obligations. This can influence decisions on homeownership and financial planning for residents.
Average Franklin Tax Bill
$6,592
Average Norfolk County Tax Bill
$7,156
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02038 | $4,277 | $5,584 | $6,592 | $8,329 | $9,700 |
Source: Ownwell