Franklin, Indiana Property Taxes
The median property tax rate in Franklin, IN is 1.06%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $200,700 in Franklin, the typical annual property tax bill reaches $2,250, which is below the national median of $2,690. Property taxes in Franklin are calculated based on the 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, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
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, Indiana
Property taxes in Franklin, Indiana, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Franklin stands at 1.06%, which is higher 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 areas in Indiana and the national median. For comparison, the zip code 46131 has both the highest and lowest median property tax rate of 1.06%, identical to Franklin's rate. Understanding how these areas compare with Franklin provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
1.06%
Average Johnson County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46131 | 0.76% | 0.98% | 1.06% | 1.21% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Indiana
In Franklin, Indiana, 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 Johnson County Assessor 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 highest and lowest median tax bills are both $2,250, found in the 46131 zip code.
Average Franklin Assessed Value
$200,700
Average Johnson County Assessed Value
$236,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46131 | $105,300 | $151,200 | $200,700 | $261,175 | $337,700 |
Source: Ownwell
Property Tax Bills Across Franklin, Indiana
In Franklin, located in Johnson County, IN, property tax bills are calculated based on the assessed value of a home combined with the local tax rate. The median home price in Franklin is $200,700. Homeowners can expect their property tax bill to vary significantly depending on the value of their property and the specific tax rate applied by local authorities. The tax bill in Franklin typically ranges from $1,627 at the 25th percentile to $3,105 at the 75th percentile. At the higher end, the 90th percentile tax bill reaches up to $4,320. This means that homeowners with properties assessed at higher values will face higher tax bills, while those with lower-valued properties will pay less. The highest and lowest median tax bills in the area are both $2,250, situated in the 46131 zip code. These property taxes fund essential public services such as schools, infrastructure, and emergency services, impacting the overall quality of life for residents. Understanding these factors can help homeowners in Franklin better anticipate their annual property tax obligations.
Average Franklin Tax Bill
$2,250
Average Johnson County Tax Bill
$2,401
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46131 | $1,005 | $1,627 | $2,250 | $3,105 | $4,320 |
Source: Ownwell