Franklin, North Carolina Property Taxes
The median property tax rate in Franklin, NC is 0.47%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Franklin at $222,500, the typical annual property tax bill amounts to $1,046, well below the national median of $2,690. Property taxes in Franklin are determined based on the tax assessed value, which is often less than 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 substantial annual savings. Whether you're in the heart of Franklin or another part of Clay County, grasping the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$1,046
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, North Carolina
Property taxes in Franklin, North Carolina, 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 0.47%, which is lower than both the North Carolina 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 North Carolina and the national median. For comparison, the 28734 zip code has the highest median property tax rate of 0.47%, while the same 28734 zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.47%
Average Clay County Tax Rate
0.46%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28734 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, North Carolina
In Franklin, North Carolina, 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 zip code with the highest and lowest median tax bills in Franklin is 28734, both at $1,046. This uniformity in tax bills provides a clear picture of the property tax landscape in the area.
Property Tax Assessment Values Across Franklin, North Carolina
Source: Ownwell
$140,950
$181,725
$222,500
Average Franklin Assessed Value
$222,500
Average Clay County Assessed Value
$206,600
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28734 | $222,500 | $222,500 | $222,500 | $222,500 | $222,500 |
Source: Ownwell
Property Tax Bills Across Franklin, North Carolina
In Franklin, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is intended to reflect the market value of the property. Franklin, located in Clay County, has a median home price of $222,500. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Franklin can expect a median property tax bill of $1,046, which is significantly higher than the national median property tax rate of 0.99%. This amount is consistent across various percentiles, indicating a stable tax environment. For homeowners, this means that property taxes are a predictable part of annual expenses, allowing for better financial planning. However, the relatively high tax rate compared to the national average can impact the overall cost of homeownership in Franklin, making it essential for homeowners to budget accordingly.
Average Franklin Tax Bill
$1,046
Average Clay County Tax Bill
$929
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28734 | $1,046 | $1,046 | $1,046 | $1,046 | $1,046 |
Source: Ownwell