Lanark, Franklin County, Florida Property Taxes

Name: Property Tax Bills Across Lanark, Franklin County, Florida
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lanark, FL effective property tax rate: 0.97%, significantly lower than the national median of 1.02%, but lower than the Florida state median of 1.14%.
Median Lanark, FL home value: $63,202
Median annual Lanark, FL tax bill: $619, $1,781 lower than the national median property tax bill of $2,400.

How are property taxes in Franklin County calculated?

Property taxes in Lanark, FL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Lanark’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lanark, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lanark, Franklin County, Florida Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.97%

Estimate Property Tax Bill

$613

$569

Ownwell’s Lanark Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lanark with just two data points. By entering your property's estimated assessed value, our calculator applies Lanark’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Franklin County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lanark, Franklin County, Florida

Local government entities are responsible for setting property tax rates, and these can vary significantly within a state. This variation arises because each county, including Franklin County, estimates the budget needed to provide essential services annually. This budget is then divided by the total assessed value of all taxable properties within the county, resulting in the property tax rate. Although votes and regulations play a role in determining tax rates and budgets, this is the core process followed each year.

In Lanark, located in Franklin County, the effective property tax rate is slightly below the national median of 1.02%. This offers a comparative advantage for property owners in Lanark, as they might pay less in property taxes than the average American homeowner. Furthermore, the median property tax rate in Florida is lower than the national average, making it an attractive state for property investment. Comparing Lanark's tax rate to other cities in Florida can provide valuable insights into potential savings and investment opportunities. Understanding these differences can help property owners make informed decisions about where to buy or invest in real estate.

Property Tax Rates Across Lanark, Franklin County, Florida

Source: Ownwell

0.74%

0.95%

1.15%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Lanark Tax Rate

0.97%

Median Effective Franklin County Tax Rate

0.87%

Median Effective Florida Tax Rate

1.14%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lanark, Franklin County, Florida

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile

Source: Ownwell

Property Tax Assessment Values Across Lanark, Franklin County, Florida

When examining property taxes in Lanark, Florida, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Franklin County Property Appraiser estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. In Franklin County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lanark. For example, the median home price in Lanark is $63,202, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Lanark, Franklin County, Florida

Source: Ownwell

$61,845

$308,836

$555,827

Median Lanark Market Value

$63,202

Median Franklin County Market Value

$239,550

Median Florida Market Value

$276,648

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lanark, Franklin County, Florida

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile

Source: Ownwell

Property Tax Bills Across Lanark, Franklin County, Florida

In Lanark, located in Franklin County, Florida, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value may differ from the market value, and the tax rate is applied to this assessed value to determine the annual tax bill. In Lanark, the median property tax bill is notably lower than the national median, offering some relief to homeowners. However, the tax bill can vary significantly, with the 25th percentile at $415 and the 90th percentile reaching $1,865, reflecting differences in property values and assessments.

Factors influencing these variations include property size, location, and any applicable exemptions. For homeowners, this means that even within the same area, tax bills can differ widely. Ownwell can assist homeowners by identifying potential inaccuracies in assessments and applying for exemptions, which can significantly lower tax obligations. By leveraging expertise in property tax appeals, Ownwell helps ensure homeowners in Lanark pay only their fair share, potentially saving them hundreds of dollars annually.

Property Tax Bills Across Lanark, Franklin County, Florida

Source: Ownwell

$530

$2,362

$4,194

Median Lanark Tax Bill

$619

Median Franklin County Tax Bill

$2,090

Median Florida Tax Bill

$2,953

Median United States Tax Bill

$2,400

Property Tax Bills Across Lanark, Franklin County, Florida

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile

Source: Ownwell