Franklinville, North Carolina Property Taxes
The median property tax rate in Franklinville, NC is 0.65%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $143,740 in Franklinville, the typical annual property tax bill is $1,004, which is well below the national median of $2,690. Property taxes in Franklinville are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Franklinville'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 Franklinville 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
Franklinville, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$934
Ownwell’s Franklinville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklinville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklinville 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 Franklinville, North Carolina
Property taxes in Franklinville, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklinville is 0.65%, 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 Franklinville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklinville 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 Franklinville's effective property tax rate to other areas in North Carolina and the national median. For comparison, the 27248 zip code has the highest median property tax rate of 0.65%, while the 27248 zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Franklinville provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklinville Tax Rate
0.65%
Average Randolph County Tax Rate
0.68%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklinville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27248 | 0.64% | 0.64% | 0.65% | 0.68% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Franklinville, North Carolina
In Franklinville, 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 Randolph 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 Franklinville, 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 Franklinville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 27248 has the highest median tax bill at $1,004.
Property Tax Assessment Values Across Franklinville, North Carolina
Source: Ownwell
$78,165
$163,113
$248,060
Average Franklinville Assessed Value
$143,740
Average Randolph County Assessed Value
$167,245
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklinville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27248 | $48,410 | $95,010 | $143,740 | $210,340 | $325,354 |
Source: Ownwell
Property Tax Bills Across Franklinville, North Carolina
In Franklinville, located in Randolph County, NC, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Franklinville can expect a median home price of $143,740. The property tax rate in Franklinville is applied to the assessed value to determine the annual tax bill. For example, the tax bill for the 25th percentile is around $631, while the 75th percentile sees a tax bill of approximately $1,418. At the 90th percentile, homeowners might pay up to $2,073. These property taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Franklinville's rates can vary significantly, affecting homeowners differently based on their property values. The highest and lowest median tax bills in the region are both recorded at $1,004 in the 27248 zip code.
Average Franklinville Tax Bill
$1,004
Average Randolph County Tax Bill
$1,305
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklinville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27248 | $311 | $631 | $1,004 | $1,418 | $2,073 |
Source: Ownwell