Franklin, Missouri Property Taxes
The median property tax rate in Franklin, MO is 0.87%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Franklin, the typical annual property tax bill is $30, significantly below the national median of $2,690. Property taxes in Franklin are calculated based on the assessed value, which often falls below 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, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Franklin Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating 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 provide an estimate of your property tax bill. This valuable tool helps you understand your 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 determined by the county for property tax calculations, considering any exemptions that may apply.
Property Tax Rates Across Franklin, Missouri
Property taxes in Franklin, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 0.87%, which is below 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 Missouri and the national median. For comparison, the zip code 65250 has both the highest and lowest median property tax rate of 0.87%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.87%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65250 | 0.56% | 0.75% | 0.87% | 0.97% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Missouri
In Franklin, Missouri, 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 Morgan County Assessor 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. For instance, the zip code with the highest tax bill is 842, while the lowest is 18.
Average Franklin Assessed Value
$3,800
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65250 | $2,450 | $3,125 | $3,800 | $37,850 | $98,600 |
Source: Ownwell
Property Tax Bills Across Franklin, Missouri
In Franklin, Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value. For homeowners, this means that the higher the market value of their property, the higher their tax bill will be. Factors such as property improvements, neighborhood developments, and changes in the housing market can influence the assessed value. Homeowners in Franklin experience a range of tax bills. For instance, at the 25th percentile, a property tax bill is around $18, while at the 75th percentile, it can reach $327. At the 90th percentile, some homeowners may see bills as high as $842. These figures illustrate the variability in property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Franklin's property tax rates can significantly affect homeowners' annual expenses, making it crucial for them to understand how their tax bills are determined and what factors may lead to changes.
Average Franklin Tax Bill
$30
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65250 | $18 | $18 | $30 | $327 | $842 |
Source: Ownwell