Franklin, Alabama Property Taxes
The median property tax rate in Franklin, AL is 0.31%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Franklin at $74,545, the typical annual property tax bill is $246, well below the national median of $2,690. Property taxes in Franklin are based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Franklin's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to notable annual savings. Whether you're in the heart of Franklin or another part of Monroe County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$231
$214
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, Alabama
Property taxes in Franklin, Alabama, 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 0.31%, significantly lower than both the Alabama state median and 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 Alabama and the national median. For comparison, the highest median property tax rate in Alabama is 0.66%, while the lowest median tax rate is 0.21%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.31%
Average Monroe County Tax Rate
0.31%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36444 | 0.12% | 0.20% | 0.31% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Alabama
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Franklin, Alabama. 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 Monroe 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. Being aware of these valuation processes in Franklin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $246 in zip code 36444, while the lowest is also $246 in the same zip code.
Average Franklin Assessed Value
$74,545
Average Monroe County Assessed Value
$87,150
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36444 | $32,610 | $44,288 | $74,545 | $117,040 | $172,745 |
Source: Ownwell
Property Tax Bills Across Franklin, Alabama
In Franklin, Monroe County, AL, property tax bills are calculated based on the assessed value of your home. The assessed value is a percentage of the market value, which is determined by the local tax assessor. For a median home price of $74,545, the tax bill varies significantly. Homeowners in the 25th percentile can expect to pay around $133, while those in the 75th percentile might see a tax bill closer to $363. For the top 10% of homeowners, the tax bill can reach up to $588. These tax bills are influenced by various factors, including property size, location, and improvements made to the property. Compared to the national median property tax rate of 0.99%, Franklin's rates can be considered relatively moderate. However, these taxes can still impact homeowners' financial planning and budgeting. Understanding how your property tax bill is determined can help you better manage your expenses and potentially explore options for appealing your assessed value if you believe it is inaccurately high.
Average Franklin Tax Bill
$246
Average Monroe County Tax Bill
$316
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36444 | $61 | $133 | $246 | $363 | $588 |
Source: Ownwell