Franklin, Missouri Property Taxes
The median property tax rate in Franklin, MO is 1.31%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Franklin at $49,195, the typical annual property tax bill reaches $645, exceeding 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, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Franklin Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Franklin with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Franklin to provide an estimate of your property tax bill. This valuable tool helps you comprehend potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Franklin, Missouri
Property taxes in Franklin, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 0.81%, lower than both the Missouri state median of 0.97% 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 Missouri and the national median. For comparison, the 65250 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
1.31%
Average Howard County Tax Rate
1.31%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65250 | 1.10% | 1.24% | 1.31% | 1.37% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Missouri
In Franklin, Missouri, 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 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 highest median tax bill in the area is $645 in the 65250 ZIP code, while the lowest median tax bill is also $645 in the same ZIP code.
Average Franklin Assessed Value
$49,195
Average Howard County Assessed Value
$68,234
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65250 | $8,650 | $20,470 | $49,195 | $117,520 | $188,905 |
Source: Ownwell
Property Tax Bills Across Franklin, Missouri
In Franklin, located in Howard County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, and local tax rates are applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners in Franklin, the median home price stands at $49,195. Property tax bills can vary significantly, with those in the 25th percentile paying around $284, while those in the 75th percentile face bills of approximately $1,418. At the higher end, the 90th percentile of homeowners may see tax bills as high as $2,489. Comparatively, the highest median tax bill in the county is $645, making Franklin's range quite broad. These property taxes impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding how these bills are calculated helps homeowners budget accordingly and potentially seek exemptions or appeals to reduce their tax burden.
Average Franklin Tax Bill
$645
Average Howard County Tax Bill
$882
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65250 | $132 | $284 | $645 | $1,418 | $2,489 |
Source: Ownwell