Franklin, Tennessee Property Taxes
The median property tax rate in Franklin, TN is 0.65%, slightly higher than the state median of 0.64% but below the national median of 0.99%. With the median home value in Franklin, the typical annual property tax bill reaches $2,850, surpassing the national median of $2,690. Property taxes in Franklin are calculated based on the assessed value, which is often lower than the market value due to exemptions like 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, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$2,856
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, Tennessee
Property taxes in Franklin, Tennessee, 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 0.65%, which is lower 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 Tennessee and the national median. For comparison, the 37064 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Wilson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.65%
Average Wilson County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37064 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Tennessee
In Franklin, Tennessee, 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 37064 has both the highest and lowest median tax bills at $2,850, reflecting a consistent tax landscape across the area.
Average Franklin Assessed Value
$439,400
Average Wilson County Assessed Value
$285,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37064 | $439,400 | $439,400 | $439,400 | $439,400 | $439,400 |
Source: Ownwell
Property Tax Bills Across Franklin, Tennessee
In Franklin, located in Wilson County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Franklin experience a consistent median tax bill of $2,850, regardless of the property value percentile. This uniformity stands out when compared to the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. The assessed value is determined by local authorities, who evaluate the property's market value and apply an assessment ratio. For homeowners, understanding these factors is crucial as they directly impact annual financial obligations. High property taxes can significantly affect homeowners, influencing decisions on buying, selling, or investing in property improvements. Conversely, predictable tax bills, as seen in Franklin, offer a sense of financial stability, allowing homeowners to plan more effectively for their future expenses.
Average Franklin Tax Bill
$2,850
Average Wilson County Tax Bill
$1,525
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37064 | $2,850 | $2,850 | $2,850 | $2,850 | $2,850 |
Source: Ownwell