Franklin County Property Taxes
The median property tax rate in Franklin is 1.73%, which is significantly higher than the national median of 0.99% but slightly below the Nebraska state median of 1.75%. With a median home value of $50,605, the typical annual property tax bill in Franklin amounts to $872, far below the national median of $2,690. Property taxes in Franklin are calculated based on the assessed value, generally lower than the actual market value due to exemptions like primary residence and agricultural exemptions. Understanding Franklin's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Franklin or another part of the county, gaining comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.73%
Estimate Property Tax Bill
$875
Ownwell’s Franklin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Franklin with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Franklin to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Franklin County, Nebraska
Property taxes in Franklin County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Franklin County is 1.73%, which is higher than the U.S. national median of 0.99%. Local government entities within Franklin County set these rates annually, and they can vary significantly between different areas within the county. Each year, Franklin County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Upland has one of the higher property tax rates in Nebraska at 2.30%, while the city of Wilcox boasts one of the lowest at 1.19%. Analyzing how Franklin County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Franklin County Tax Rate
1.73%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin County, Nebraska
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bloomington | 1.41% | 1.46% | 1.96% | 1.96% | 1.96% |
| Campbell | 1.01% | 1.46% | 1.46% | 1.46% | 1.46% |
| Franklin | 1.44% | 1.46% | 1.90% | 1.91% | 1.91% |
| Hildreth | 1.19% | 1.22% | 1.73% | 1.73% | 1.73% |
| Naponee | 1.41% | 1.42% | 1.87% | 1.87% | 1.87% |
| Riverton | 1.39% | 1.41% | 1.90% | 1.91% | 1.91% |
| Upland | 1.20% | 1.42% | 2.30% | 2.30% | 2.30% |
| Wilcox | 1.18% | 1.19% | 1.19% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Franklin County, Nebraska
In Franklin County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Franklin County Appraisal District. The assessed value, however, 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. Assessment notices in Franklin County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Wilcox has the highest median tax bill at $3,042, while Riverton has the lowest at $362. Being aware of these valuation processes in Franklin County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Franklin County, Nebraska
Source: Ownwell
$19,000
$136,041
$253,082
Average Franklin County Assessed Value
$50,605
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin County, Nebraska
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bloomington | $1,670 | $7,885 | $23,715 | $84,500 | $289,410 |
| Campbell | $5,843 | $14,628 | $27,620 | $56,335 | $162,316 |
| Franklin | $13,919 | $25,649 | $53,718 | $114,575 | $245,416 |
| Hildreth | $22,050 | $49,185 | $81,905 | $129,185 | $328,850 |
| Naponee | $3,576 | $14,022 | $34,605 | $130,209 | $301,827 |
| Riverton | $1,164 | $6,195 | $19,000 | $212,775 | $450,307 |
| Upland | $4,198 | $12,766 | $50,878 | $294,131 | $717,106 |
| Wilcox | $71,530 | $129,780 | $253,082 | $700,394 | $943,579 |
Source: Ownwell
Property Tax Bills Across Franklin County, Nebraska
In Franklin County, NE, property tax bills are determined based on the assessed value of a home, which reflects its market value. The local tax rate is applied to this assessed value to calculate the annual tax bill. For instance, the median home price in Franklin County is $50,605. Homeowners at the 25th percentile pay around $333, whereas those at the 75th percentile face a tax bill of approximately $2,096. At the 90th percentile, the tax bill can reach up to $4,883. Property tax rates in Franklin County can vary significantly, with Wilcox having the highest median tax bill at $3,042, while Riverton has the lowest at $362. These variations are influenced by factors such as local government budgets, public service funding needs, and school district levies. For homeowners, understanding these factors is crucial as they directly impact the affordability and financial planning associated with homeownership. Compared to the national median property tax rate of 0.99%, Franklin County offers a diverse range of tax burdens depending on the specific location within the county.
Average Franklin County Tax Bill
$872
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin County, Nebraska
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bloomington | $32 | $134 | $441 | $1,307 | $4,298 |
| Campbell | $85 | $195 | $394 | $833 | $2,242 |
| Franklin | $249 | $443 | $969 | $2,045 | $3,820 |
| Hildreth | $293 | $745 | $1,371 | $2,124 | $4,426 |
| Naponee | $61 | $262 | $582 | $1,848 | $4,497 |
| Riverton | $23 | $116 | $362 | $3,033 | $6,514 |
| Upland | $96 | $290 | $963 | $4,136 | $9,015 |
| Wilcox | $861 | $1,557 | $3,042 | $8,274 | $11,229 |
Source: Ownwell