Franklin, Georgia Property Taxes
The median property tax rate in Franklin, GA is 1.09%, slightly higher than both the national median of 0.99% and the Georgia state median of 1.08%. With a median home value of $177,345 in Franklin, the typical annual property tax bill reaches $1,952, which is below the national median of $2,690. Property taxes in Franklin are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as 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, Georgia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$1,933
$1,877
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, Georgia
Property taxes in Franklin, Georgia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 1.09%, which is higher than both the Georgia 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 Georgia and the national median. For comparison, the zip code 30217 has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these areas compare with Franklin provides valuable insights into the varying tax landscape across Troup County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
1.09%
Average Troup County Tax Rate
1.12%
Average Georgia Tax Rate
1.08%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30217 | 0.70% | 1.07% | 1.09% | 1.11% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Georgia
In Franklin, Georgia, 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 Troup 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 median home price in Franklin is $177,345, with the highest and lowest median tax bill both at $1,952 in zip code 30217.
Average Franklin Assessed Value
$177,345
Average Troup County Assessed Value
$135,885
Average Georgia Assessed Value
$231,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30217 | $67,515 | $129,945 | $177,345 | $245,075 | $296,040 |
Source: Ownwell
Property Tax Bills Across Franklin, Georgia
In Franklin, located in Troup County, GA, property tax bills are calculated based on the assessed value of a home. The assessed value typically represents a percentage of the property's market value. Local tax authorities then apply the relevant tax rate to this assessed value to determine the annual property tax bill. Several factors influence the final tax amount, including the home's market value, assessment ratio, and the local tax rate. For example, the median home price in Franklin is $177,345. Homeowners in the 25th percentile can expect a tax bill around $1,222, while those in the 75th percentile might see bills closer to $2,552. The 90th percentile tax bill can reach up to $3,277. These figures show the range of tax obligations homeowners might face, highlighting the importance of accurate property assessments. Compared to the national median property tax rate of 0.99%, Franklin's tax rates can significantly impact homeowners' finances, making it crucial to understand how these taxes are calculated and managed.
Average Franklin Tax Bill
$1,952
Average Troup County Tax Bill
$1,420
Average Georgia Tax Bill
$2,212
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30217 | $548 | $1,222 | $1,952 | $2,552 | $3,277 |
Source: Ownwell