Franklin, Louisiana Property Taxes
The median property tax rate in Franklin, LA is 1.23%, considerably higher than both the national median of 0.99% and the Louisiana state median of 0.91%. With the median home value in Franklin at $47,680, the typical annual property tax bill reaches $578, which is 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, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$586
Ownwell’s Franklin Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to 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, Louisiana
Property taxes in Franklin, Louisiana, 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 1.23%, significantly higher than both the Louisiana state median of 0.53% 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 Louisiana and the national median. For comparison, the 70538 zip code has the highest median property tax rate of 1.23%, while the 70538 zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across St. Mary Parish, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
1.23%
Average St. Mary County Tax Rate
1.12%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70538 | 1.10% | 1.16% | 1.23% | 1.23% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Louisiana
In Franklin, Louisiana, 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 St. Mary Parish Assessor 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 and lowest median tax bill in Franklin is 70538, both valued at $578.
Average Franklin Assessed Value
$47,680
Average St. Mary County Assessed Value
$58,475
Average Louisiana Assessed Value
$105,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70538 | $7,158 | $20,910 | $47,680 | $89,205 | $166,516 |
Source: Ownwell
Property Tax Bills Across Franklin, Louisiana
In Franklin, located in St. Mary Parish, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is determined by local assessors who evaluate the property's market value and then apply the state's assessment ratio. Homeowners in Franklin experience a range of tax bills, from the 25th percentile at $255 to the 75th percentile at $1,082, with the 90th percentile reaching as high as $1,995. The highest median tax bill in the area is $578, found in zip code 70538, which also has the lowest median tax bill at the same amount. These tax bills are crucial for funding local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Franklin's property tax rates can impact homeowners differently depending on their property's assessed value and the specific tax rate applied.
Average Franklin Tax Bill
$578
Average St. Mary County Tax Bill
$638
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70538 | $84 | $255 | $578 | $1,082 | $1,995 |
Source: Ownwell