Franklin, Tennessee Property Taxes
The median property tax rate in Franklin, TN is 0.54%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $494,100 in Franklin, the typical annual property tax bill reaches $2,798, slightly above 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, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
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, 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 0.54%, which is significantly 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 areas in Williamson County and the national median. For comparison, the 37064 zip code has the highest median property tax rate of 0.54%, while the 37069 zip code has the lowest median tax rate of 0.47%. Understanding how these areas compare with Franklin provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.54%
Average Williamson County Tax Rate
0.54%
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 |
|---|---|---|---|---|---|
| 37064 | 0.47% | 0.54% | 0.54% | 0.68% | 0.68% |
| 37067 | 0.47% | 0.54% | 0.54% | 0.68% | 0.68% |
| 37069 | 0.47% | 0.47% | 0.47% | 0.54% | 0.54% |
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 Williamson 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. The median home price in Franklin is $494,100, with tax bills ranging from $2,163 at the 25th percentile to $4,612 at the 90th percentile. The highest median tax bill is $2,982 in the 37067 zip code, while the lowest median tax bill is $2,646 in the 37069 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Franklin Assessed Value
$494,100
Average Williamson County Assessed Value
$492,600
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 |
|---|---|---|---|---|---|
| 37064 | $229,000 | $347,400 | $472,300 | $624,125 | $824,570 |
| 37067 | $340,000 | $407,200 | $529,200 | $662,500 | $830,360 |
| 37069 | $342,100 | $418,300 | $533,500 | $732,750 | $1,150,900 |
Source: Ownwell
Property Tax Bills Across Franklin, Tennessee
In Franklin, Williamson County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value, and this percentage can vary. Once the assessed value is determined, it is multiplied by the local tax rate to calculate the tax bill. For homeowners in Franklin, the median home price stands at $494,100. Tax bills can vary significantly, with the 25th percentile at $2,163 and the 75th percentile reaching $3,516. For those in the 90th percentile, tax bills can be as high as $4,612. The highest median tax bill in the area is $2,982 in the 37067 zip code, while the lowest is $2,646 in the 37069 zip code. Compared to the national median property tax rate of 0.99%, Franklin's property tax rates can have a notable impact on homeowners, influencing their overall cost of living and financial planning.
Average Franklin Tax Bill
$2,798
Average Williamson County Tax Bill
$2,616
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 |
|---|---|---|---|---|---|
| 37064 | $1,452 | $2,066 | $2,736 | $3,462 | $4,569 |
| 37067 | $2,032 | $2,522 | $2,982 | $3,599 | $4,449 |
| 37069 | $1,682 | $2,115 | $2,646 | $3,586 | $5,238 |
Source: Ownwell