Franklin, New Jersey Property Taxes
The median property tax rate in Franklin, NJ is 4.23%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Franklin at $165,950, the typical annual property tax bill reaches $6,866, far 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 Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.23%
Estimate Property Tax Bill
$7,020
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 Jersey
Property taxes in Franklin, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 4.23%, significantly higher than both the New Jersey state median 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 New Jersey and the national median. For comparison, the 07416 zip code has the highest median property tax rate of 4.23%, while the 07416 zip code also has the lowest median tax rate of 4.23%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
4.23%
Average Sussex County Tax Rate
3.40%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07416 | 2.99% | 4.23% | 4.23% | 4.23% | 4.23% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, New Jersey
In Franklin, New Jersey, 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 Sussex 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. For instance, the highest median tax bill in Franklin is $6,866 in the 07416 zip code. 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
$165,950
Average Sussex County Assessed Value
$229,300
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07416 | $111,210 | $129,850 | $165,950 | $213,600 | $266,690 |
Source: Ownwell
Property Tax Bills Across Franklin, New Jersey
In Franklin, Sussex County, NJ, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is a percentage of the market value determined by the local assessor. Factors such as property size, location, and condition influence this assessment. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Franklin is $165,950. Homeowners in this area can expect a property tax bill ranging from $5,266 at the 25th percentile to $8,657 at the 75th percentile, with the highest median tax bill recorded at $6,866 in the 07416 zip code. This is significantly higher than the national median property tax rate of 0.99%, reflecting the local economic conditions and funding needs for public services. These property taxes directly impact homeowners by influencing their annual housing costs, potentially affecting their overall financial planning and home affordability.
Average Franklin Tax Bill
$6,866
Average Sussex County Tax Bill
$7,518
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07416 | $4,493 | $5,266 | $6,866 | $8,657 | $10,443 |
Source: Ownwell