Franklin, Ohio Property Taxes
The median property tax rate in Franklin, OH is 2.64%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Franklin, the typical annual property tax bill reaches $188, which is significantly lower than 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 county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
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, Ohio
Property taxes in Franklin, Ohio, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 2.64%, significantly higher than 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 Ohio and the national median. For comparison, the zip code 45005 has the highest median property tax rate of 2.64%, while the same zip code also has the lowest median tax rate of 2.64%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
2.64%
Average Franklin County Tax Rate
2.10%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45005 | 2.64% | 2.64% | 2.64% | 2.65% | 4.02% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Ohio
In Franklin, Ohio, 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 median tax bill is 45005 at $188, while the lowest is also 45005 at $188.
Average Franklin Assessed Value
$6,700
Average Franklin County Assessed Value
$168,000
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45005 | $2,120 | $4,700 | $6,700 | $10,900 | $14,540 |
Source: Ownwell
Property Tax Bills Across Franklin, Ohio
In Franklin, OH, property tax bills are calculated based on the assessed value of a home rather than its market value. The county assessor determines the assessed value, which is a percentage of the home's market value. This value is then multiplied by the local tax rate 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 their tax bills to vary significantly. For instance, the 25th percentile tax bill is $137, while the 75th percentile tax bill reaches $301. At the high end, the 90th percentile tax bill is $520. Comparatively, Franklin's property tax rates are quite competitive, especially when considering the national median property tax rate of 0.99%. This system ensures that property taxes are distributed fairly based on the value of each home, impacting homeowners by providing essential local services funded through these taxes.
Average Franklin Tax Bill
$188
Average Franklin County Tax Bill
$3,472
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45005 | $60 | $137 | $188 | $301 | $520 |
Source: Ownwell