Franklin, Vermont Property Taxes
The median property tax rate in Franklin, VT is 2.03%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Franklin at $153,250, the typical annual property tax bill reaches $3,111, 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, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$3,111
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, Vermont
Property taxes in Franklin, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 2.03%, significantly higher 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 and the national median. For comparison, the zip code 05457 has the highest median property tax rate of 2.03%, while the same zip code also has the lowest median tax rate of 2.03%. Understanding how these figures compare with Franklin provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
2.03%
Average Franklin County Tax Rate
2.01%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05457 | 2.01% | 2.03% | 2.03% | 2.03% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Franklin, VT. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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. For example, the highest median tax bill in Franklin is $3,111 in the 05457 zip code, while the lowest is also $3,111 in the same zip code. By understanding 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.
Average Franklin Assessed Value
$153,250
Average Franklin County Assessed Value
$195,300
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05457 | $54,290 | $104,175 | $153,250 | $223,000 | $303,870 |
Source: Ownwell
Property Tax Bills Across Franklin, Vermont
In Franklin, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. Assessors determine the assessed value, which is then multiplied by the tax rate to calculate the annual property tax bill. For instance, with a median home price of $153,250, homeowners in Franklin can expect their property tax bills to vary significantly. At the 25th percentile, the tax bill is around $2,160, while at the 75th percentile, it reaches approximately $4,518. For those at the 90th percentile, the tax bill can be as high as $6,194. Several factors influence these variations, including property location, size, and improvements. Homeowners in the zip code 05457 experience a median tax bill of $3,111, which is consistent across the board. Compared to the national median property tax rate of 0.99%, Franklin's rates highlight the importance of understanding local tax dynamics. These property taxes fund essential community services, impacting homeowners by contributing to local schools, infrastructure, and public safety.
Average Franklin Tax Bill
$3,111
Average Franklin County Tax Bill
$2,567
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05457 | $1,166 | $2,160 | $3,111 | $4,518 | $6,194 |
Source: Ownwell