Franklin, Minnesota Property Taxes
The median property tax rate in Franklin, MN is 0.69%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Franklin, the typical annual property tax bill reaches $1,898, 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, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
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, Minnesota
Property taxes in Franklin, Minnesota, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 1.18%, higher than both the Minnesota state median of 1.12% and 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 counties in Minnesota and the national median. For comparison, the 55333 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these areas compare with Franklin provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.69%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55333 | 0.55% | 0.66% | 0.69% | 0.79% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Minnesota
In Franklin, Minnesota, 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 Redwood 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. The median home price in Franklin is $273,300, with tax bills ranging from $1,606 at the 25th percentile to $3,504 at the 90th percentile. The zip code 55333 has both the highest and lowest median tax bill at $1,898. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Franklin Assessed Value
$273,300
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55333 | $151,940 | $242,600 | $273,300 | $471,400 | $581,500 |
Source: Ownwell
Property Tax Bills Across Franklin, Minnesota
In Franklin, Redwood County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Franklin can expect a median property tax bill of $1,898, which aligns with the county's average. This is notably lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, properties in the 25th percentile have tax bills around $1,606, while those in the 75th percentile face bills closer to $3,166. The highest tax bills, in the 90th percentile, can reach up to $3,504. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners must budget for these taxes as part of their annual expenses, ensuring they can meet their financial obligations while contributing to the local economy.
Average Franklin Tax Bill
$1,898
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55333 | $1,180 | $1,606 | $1,898 | $3,166 | $3,504 |
Source: Ownwell