Franklin, Tennessee Property Taxes
The median property tax rate in Franklin, TN is 0.66%, slightly higher than the Tennessee state median of 0.64% but lower than the national median of 0.99%. With a median home value of $501,400 in Franklin, the typical annual property tax bill reaches $3,320, significantly exceeding the national median of $2,690. Property taxes in Franklin are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as 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, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$3,309
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, Tennessee
Property taxes in Franklin, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 0.66%, which is lower than 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 Tennessee and the national median. For comparison, the 37067 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Maury County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.66%
Average Maury County Tax Rate
0.66%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37067 | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Tennessee
In Franklin, Tennessee, 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 local 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 highest and lowest median tax bills in Franklin, both amounting to $3,320, are found in the 37067 zip code.
Average Franklin Assessed Value
$501,400
Average Maury County Assessed Value
$247,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37067 | $501,400 | $501,400 | $501,400 | $501,400 | $501,400 |
Source: Ownwell
Property Tax Bills Across Franklin, Tennessee
In Franklin, TN, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Franklin stands at $501,400. Property taxes are calculated by applying the local tax rate to the assessed value. Factors such as property improvements and neighborhood developments can influence the assessed value, thereby affecting the tax bill. For instance, the median property tax bill in Franklin is $3,320, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing their annual expenses, which should be factored into the total cost of homeownership. Additionally, the consistency in tax bills across different percentiles, with the 25th, 75th, and 90th percentiles all reporting the same median tax bill of $3,320, highlights a uniformity in property tax assessments within the area.
Average Franklin Tax Bill
$3,320
Average Maury County Tax Bill
$1,525
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37067 | $3,320 | $3,320 | $3,320 | $3,320 | $3,320 |
Source: Ownwell