Franklin, Virginia Property Taxes
The median property tax rate in Franklin, VA is 0.72%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Franklin at $52,550, the typical annual property tax bill amounts to $349, significantly below the national median of $2,690. Property taxes in Franklin are calculated based on the tax assessed value, which often falls below 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, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$378
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, Virginia
Property taxes in Franklin, Virginia, 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 0.72%, 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 Virginia and the national median. For comparison, the zip code 23851 has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these areas compare with Franklin provides valuable insights into the varying tax landscape across Isle of Wight County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.72%
Average Isle Of Wight County Tax Rate
0.72%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23851 | 0.71% | 0.71% | 0.72% | 0.75% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Virginia
In Franklin, VA, 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 Isle of Wight 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. Notably, the zip code 23851 has the highest and lowest median tax bill at $349. 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
$52,550
Average Isle Of Wight County Assessed Value
$278,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23851 | $4,000 | $5,775 | $52,550 | $184,500 | $319,110 |
Source: Ownwell
Property Tax Bills Across Franklin, Virginia
In Franklin, VA, property tax bills are determined by assessing the value of a property and applying the local tax rate to that value. The assessed value is based on the market value of the property, which is subject to periodic evaluations by the county. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Franklin is $52,550. Homeowners in Franklin can expect a wide range of tax bills. The 25th percentile tax bill is around $43, while the 75th percentile tax bill reaches $1,215. At the higher end, the 90th percentile tax bill can be as much as $2,171. The median tax bill in the area is notably lower than the national median property tax rate of 0.99%, with the highest median tax bill recorded at $349 in the 23851 zip code. These property taxes fund essential community services, including public schools, emergency services, and infrastructure maintenance. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Franklin Tax Bill
$349
Average Isle Of Wight County Tax Bill
$1,948
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23851 | $28 | $43 | $349 | $1,215 | $2,171 |
Source: Ownwell