Franklin, Kansas Property Taxes
The median property tax rate in Franklin, KS is 1.45%, which is considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Franklin, the typical annual property tax bill reaches $922, falling below 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, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$917
Ownwell’s Franklin Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Franklin. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Franklin to provide an accurate estimate of your property tax bill. This tool is essential for understanding potential tax liabilities and planning your finances accordingly. For those interested in neighborhood-specific trends, more localized information is available by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Franklin, Kansas
Property taxes in Franklin, Kansas, 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 1.45%, higher than both the Kansas 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 Kansas and the national median. For comparison, the 66735 zip code has the highest median property tax rate of 1.45%, while the 66735 zip code has the lowest median tax rate of 1.45%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Crawford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
1.45%
Average Crawford County Tax Rate
1.56%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66735 | 0.97% | 1.14% | 1.45% | 1.74% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Kansas
In Franklin, Kansas, 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 Crawford 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. The zip code with the highest median tax bill is 66735, with a median tax bill of $922.
Average Franklin Assessed Value
$63,255
Average Crawford County Assessed Value
$71,000
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66735 | $15,815 | $32,440 | $63,255 | $104,928 | $153,933 |
Source: Ownwell
Property Tax Bills Across Franklin, Kansas
In Franklin, Crawford County, KS, property tax bills are determined by the assessed value of the home, which is a percentage of its market value. The median home price in Franklin is $63,255, and the property tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as the property's location, size, and improvements are considered in the assessment process. Homeowners in Franklin can expect tax bills that vary significantly; the 25th percentile tax bill is $582, while the 75th percentile reaches $1,432. At the 90th percentile, tax bills can be as high as $1,974. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. In Franklin, the highest and lowest median tax bills are both recorded at $922 in the zip code 66735, indicating some consistency in tax assessments within that area. These property taxes fund essential public services, impacting homeowners by contributing to community resources and infrastructure.
Average Franklin Tax Bill
$922
Average Crawford County Tax Bill
$1,090
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66735 | $351 | $582 | $922 | $1,432 | $1,974 |
Source: Ownwell