Franklin County, Idaho Property Taxes
The median property tax rate in Franklin County is 0.43%, which is significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Franklin County at $317,415, the typical annual property tax bill is $1,363, considerably less than the national median of $2,690. Property taxes in Franklin County are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding Franklin County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Preston or another part of Franklin County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin County, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$1,365
$1,267
Ownwell’s Franklin County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Franklin County with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Franklin County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Franklin County, Idaho
Property taxes in Franklin County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Franklin County is 0.43%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Franklin County set these rates annually, and they can vary between different areas within the county. Each year, Franklin County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Grace has one of the higher property tax rates in Idaho at 0.64%, while the city of Franklin boasts one of the lowest at 0.43%. Analyzing how Franklin County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Franklin County Tax Rate
0.43%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Franklin County, Idaho
In Franklin County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Franklin County Appraisal District. The assessed value, however, 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. Assessment notices in Franklin County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Cities like Grace have the highest median tax bills at $1,854, while Clifton has the lowest at $1,104. Being aware of these valuation processes in Franklin County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Franklin County Assessed Value
$317,415
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin County, Idaho
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Clifton | $134,948 | $195,405 | $290,922 | $372,019 | $491,635 |
| Dayton | $164,695 | $215,612 | $304,659 | $394,620 | $463,232 |
| Franklin | $89,770 | $218,504 | $317,710 | $412,068 | $505,470 |
| Grace | N/A | N/A | N/A | N/A | N/A |
| Preston | $167,767 | $242,061 | $322,820 | $411,121 | $512,926 |
| Thatcher | $230,231 | $255,074 | $317,254 | $430,918 | $551,232 |
| Weston | $153,691 | $219,970 | $299,394 | $391,443 | $483,114 |
Source: Ownwell
Property Tax Bills Across Franklin County, Idaho
In Franklin County, Idaho, property tax bills are determined based on the assessed value of a homeowner's property. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as location, property size, and market trends. Homeowners in Franklin County experience a range of property tax bills. For instance, the 25th percentile tax bill is around $961, while the 75th percentile reaches up to $1841, and the 90th percentile climbs to $2392. Comparatively, the national median property tax rate is 0.99%, making Franklin County's property taxes relatively moderate. The highest median tax bill in the county is found in Grace at $1854, while Clifton has the lowest median at $1104. These tax bills directly impact homeowners by influencing their overall housing costs and affordability. Understanding these factors helps homeowners anticipate and manage their financial responsibilities more effectively.
Average Franklin County Tax Bill
$1,363
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin County, Idaho
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Clifton | $603 | $833 | $1,104 | $1,506 | $2,129 |
| Dayton | $609 | $797 | $1,153 | $1,447 | $1,830 |
| Franklin | $430 | $909 | $1,381 | $1,804 | $2,187 |
| Grace | N/A | N/A | N/A | N/A | N/A |
| Preston | $691 | $1,003 | $1,427 | $1,921 | $2,463 |
| Thatcher | $908 | $1,078 | $1,554 | $2,193 | $2,640 |
| Weston | $623 | $835 | $1,157 | $1,480 | $1,890 |
Source: Ownwell