Franklin, Idaho Property Taxes
The median property tax rate in Franklin, Idaho is 0.43%, considerably lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Franklin at $317,710, the typical annual property tax bill reaches $1,381, significantly below 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, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$1,366
$1,268
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, Idaho
Property taxes in Franklin, Idaho, 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 0.43%, which is significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Franklin set these rates annually, and they can vary 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 Idaho and the national median. For comparison, ZIP code 83237 has the highest median property tax rate of 0.43%, while the same ZIP code also has the lowest median tax rate of 0.43%. Understanding how these areas 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
0.43%
Average Franklin County Tax Rate
0.43%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83237 | 0.36% | 0.38% | 0.43% | 0.48% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Idaho
In Franklin, Idaho, 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 Franklin 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. Franklin's highest and lowest median tax bills are both $1,381 in the 83237 zip code.
Average Franklin Assessed Value
$317,710
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, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83237 | $89,770 | $218,504 | $317,710 | $412,068 | $505,470 |
Source: Ownwell
Property Tax Bills Across Franklin, Idaho
In Franklin, ID, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is typically a percentage of the market value of the home. Factors such as property size, location, and improvements can influence this assessed value. For homeowners in Franklin County, the median home price stands at $317,710. Property tax bills vary significantly within the area, ranging from the 25th percentile at $909 to the 75th percentile at $1804, with the 90th percentile reaching up to $2187. These property tax bills are crucial for homeowners as they directly impact annual expenses. The highest median tax bill recorded in the county is $1381, which is notably lower than the national median property tax rate of 0.99%. Understanding these factors can help homeowners in Franklin better anticipate their property tax obligations and manage their finances more effectively.
Average Franklin Tax Bill
$1,381
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, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83237 | $430 | $909 | $1,381 | $1,804 | $2,187 |
Source: Ownwell