Franklin, New Hampshire Property Taxes
The median property tax rate in Franklin, NH is 2.44%, considerably higher than both the national median of 0.99% and the New Hampshire state median of 1.91%. With the median home value in Franklin at $172,500, the typical annual property tax bill reaches $4,205, exceeding 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, New Hampshire Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$4,209
-$44,110
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, New Hampshire
Property taxes in Franklin, New Hampshire, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 2.44%, 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 and the national median. For comparison, the 03235 zip code has the highest median property tax rate of 2.44%, while the same zip code also has the lowest median tax rate of 2.44%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Merrimack County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
2.44%
Average Merrimack County Tax Rate
2.44%
Average New Hampshire Tax Rate
1.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03235 | 2.44% | 2.44% | 2.44% | 2.44% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, New Hampshire
In Franklin, New Hampshire, 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 Merrimack 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 median home price in Franklin is $172,500, with tax bills ranging from $3,524 at the 25th percentile to $6,434 at the 90th percentile. The highest and lowest median tax bills are both $4,205 in the 03235 zip code.
Average Franklin Assessed Value
$172,500
Average Merrimack County Assessed Value
$264,400
Average New Hampshire Assessed Value
$299,765
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03235 | $108,100 | $144,600 | $172,500 | $211,900 | $268,300 |
Source: Ownwell
Property Tax Bills Across Franklin, New Hampshire
In Franklin, located in Merrimack County, NH, property tax bills are calculated based on the property's assessed value and the local tax rate. The assessed value is determined by the city's assessor, who evaluates the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $172,500, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. The tax bill can range significantly, with the 25th percentile at $3,524 and the 75th percentile reaching $5,146. At the 90th percentile, the tax bill can be as high as $6,434. These figures indicate that Franklin's property tax rates are higher than the national median property tax rate of 0.99%. This higher rate can significantly impact homeowners, making property taxes a substantial part of annual homeownership costs. Understanding these factors is crucial for homeowners to budget appropriately and anticipate their property tax obligations.
Average Franklin Tax Bill
$4,205
Average Merrimack County Tax Bill
$6,194
Average New Hampshire Tax Bill
$5,895
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03235 | $2,637 | $3,524 | $4,205 | $5,146 | $6,434 |
Source: Ownwell