Franklin, North Carolina Property Taxes
The median property tax rate in Franklin, NC is 0.38%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value in Franklin, the typical annual property tax bill is $809, well below the national median of $2,690. Property taxes in Franklin are calculated based on the tax assessed value, which usually 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 Macon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$830
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, North Carolina
Property taxes in Franklin, NC, 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 0.38%, which is lower than both the North Carolina state median of 0.84% 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 North Carolina and the national median. For comparison, the highest median property tax rate in the county is found in a nearby area with a rate of 0.92%, while another area has the lowest median tax rate of 0.22%. Understanding how these areas compare with Franklin provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.38%
Average Macon County Tax Rate
0.38%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28734 | 0.34% | 0.36% | 0.38% | 0.41% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, North Carolina
In Franklin, North Carolina, 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 Macon 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 $218,440, with tax bills ranging from $570 at the 25th percentile to $1568 at the 90th percentile. The highest and lowest median tax bills are both $809 in the 28734 zip code.
Property Tax Assessment Values Across Franklin, North Carolina
Source: Ownwell
$209,490
$474,985
$740,480
Average Franklin Assessed Value
$218,440
Average Macon County Assessed Value
$263,040
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28734 | $87,020 | $146,300 | $218,440 | $317,450 | $451,888 |
Source: Ownwell
Property Tax Bills Across Franklin, North Carolina
In Franklin, NC, property tax bills are determined by assessing the market value of a home and applying the local tax rate. For instance, with a median home price of $218,440, the tax rate is applied to this value to calculate the annual tax bill. Factors influencing the tax bill include the assessed value of the property, any applicable exemptions, and the local tax rate set by Macon County. Homeowners in Franklin can expect their tax bills to vary. The 25th percentile tax bill stands at $570, while those in the 75th percentile pay about $1,133. For the top 10% of tax bills, homeowners might see amounts around $1,568. Compared to the national median property tax rate of 0.99%, Franklin's tax rates provide a balanced approach, ensuring that the tax burden is distributed based on property values. This system affects homeowners by directly linking their tax responsibility to the value of their property, promoting fairness and equity in the local tax structure.
Average Franklin Tax Bill
$809
Average Macon County Tax Bill
$945
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28734 | $368 | $570 | $809 | $1,133 | $1,568 |
Source: Ownwell