Franklin, Indiana Property Taxes
The median property tax rate in Franklin, IN is 0.62%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Franklin at $157,700, the typical annual property tax bill amounts to $1,059, which is below the national median of $2,690. Property taxes in Franklin are calculated based on the assessed value, which is often less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Franklin's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial 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, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$978
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, Indiana
Property taxes in Franklin, Indiana, 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 0.62%, which is lower than both the Indiana 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 Indiana and the national median. For comparison, the 46131 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these areas compare with Franklin provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.62%
Average Shelby County Tax Rate
0.85%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46131 | 0.40% | 0.53% | 0.62% | 1.03% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Indiana
In Franklin, Indiana, 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 the area are both $1,059, observed in the zip code 46131.
Average Franklin Assessed Value
$157,700
Average Shelby County Assessed Value
$152,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46131 | $55,500 | $98,800 | $157,700 | $209,100 | $312,500 |
Source: Ownwell
Property Tax Bills Across Franklin, Indiana
In Franklin, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local assessor's office and reflects the market value of the property. Homeowners in Franklin can expect their property tax bills to vary significantly depending on the value of their homes. For example, the median home price in Franklin is $157,700, and property tax bills can range from $602 at the 25th percentile to $2,472 at the 90th percentile. Several factors influence the final tax bill, including property location, local tax rates, and any applicable exemptions or deductions. The highest median tax bill in Franklin is $1,059, found in the 46131 zip code, which also has the lowest median tax bill. Compared to the national median property tax rate of 0.99%, Franklin's property tax rates can impact homeowners differently based on their property's assessed value and location within the city. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Franklin Tax Bill
$1,059
Average Shelby County Tax Bill
$1,312
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46131 | $323 | $602 | $1,059 | $1,646 | $2,472 |
Source: Ownwell