Franklin County, Iowa Property Taxes
The median property tax rate in Franklin County is 1.64%, which is significantly higher than both the national median of 0.99% and the Iowa state median of 1.54%. With a median home value of $103,400 in Franklin County, the typical annual property tax bill is approximately $1,653, which is below the national median of $2,690. Property taxes in Franklin County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions such as primary residence and agricultural exemptions. 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 Hampton 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, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$1,696
$1,574
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 2 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, Iowa
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 1.64%, which is significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Franklin County set these rates annually, and they can vary significantly 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 Hampton has one of the higher property tax rates in Iowa at 1.82%, while the city of Chapin boasts one of the lowest at 1.07%. 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
1.64%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin County, Iowa
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ackley | 0.98% | 1.09% | 1.25% | 1.49% | 1.69% |
| Alden | 1.04% | 1.09% | 1.19% | 1.35% | 1.52% |
| Alexander | 0.98% | 1.10% | 1.32% | 1.59% | 1.65% |
| Aredale | 1.00% | 1.03% | 1.18% | 1.32% | 1.53% |
| Bradford | 0.96% | 1.15% | 1.31% | 1.51% | 1.65% |
| Chapin | 0.78% | 0.93% | 1.07% | 1.18% | 1.29% |
| Coulter | 1.43% | 1.63% | 1.78% | 1.98% | 2.08% |
| Dougherty | 1.02% | 1.08% | 1.15% | 1.25% | 1.45% |
| Dows | 1.02% | 1.15% | 1.35% | 1.66% | 1.92% |
| Dumont | 1.08% | 1.16% | 1.27% | 1.40% | 1.66% |
| Geneva | 1.07% | 1.18% | 1.47% | 1.81% | 2.00% |
| Hampton | 1.23% | 1.46% | 1.82% | 2.05% | 2.18% |
| Iowa Falls | 1.01% | 1.10% | 1.21% | 1.42% | 1.73% |
| Latimer | 1.01% | 1.22% | 1.45% | 1.63% | 1.69% |
| Meservey | 0.97% | 1.02% | 1.12% | 1.26% | 1.30% |
| Popejoy | 1.25% | 1.40% | 1.63% | 1.77% | 2.00% |
| Rowan | N/A | N/A | N/A | N/A | N/A |
| Sheffield | 1.11% | 1.41% | 1.67% | 1.78% | 1.83% |
| Thornton | 1.02% | 1.06% | 1.22% | 1.37% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Franklin County, Iowa
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Franklin County, Iowa. 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. For instance, Dougherty has the highest median tax bill at $2,538, while Popejoy has the lowest at $364. 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
$103,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin County, Iowa
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ackley | $39,830 | $84,100 | $144,750 | $205,950 | $304,570 |
| Alden | $50,670 | $108,700 | $144,800 | $233,975 | $311,260 |
| Alexander | $20,210 | $43,475 | $88,000 | $185,900 | $257,000 |
| Aredale | $25,830 | $72,750 | $96,950 | $131,600 | $193,770 |
| Bradford | $4,790 | $21,900 | $42,600 | $64,375 | $83,440 |
| Chapin | $4,760 | $21,750 | $42,200 | $62,100 | $87,500 |
| Coulter | $15,780 | $34,550 | $54,400 | $74,950 | $100,540 |
| Dougherty | $96,540 | $135,000 | $205,100 | $299,600 | $389,260 |
| Dows | $4,400 | $37,600 | $94,500 | $174,800 | $261,900 |
| Dumont | $62,240 | $83,900 | $148,800 | $259,700 | $312,660 |
| Geneva | $15,720 | $44,400 | $79,800 | $169,000 | $254,300 |
| Hampton | $35,910 | $60,125 | $98,950 | $160,175 | $245,190 |
| Iowa Falls | $64,550 | $112,475 | $158,800 | $206,925 | $265,500 |
| Latimer | $44,060 | $71,300 | $106,900 | $157,400 | $201,100 |
| Meservey | $134,000 | $169,900 | $206,600 | $248,900 | $324,600 |
| Popejoy | $3,630 | $7,450 | $22,450 | $43,700 | $70,550 |
| Rowan | N/A | N/A | N/A | N/A | N/A |
| Sheffield | $42,600 | $81,850 | $123,800 | $175,750 | $246,600 |
| Thornton | $79,900 | $99,250 | $157,400 | $203,750 | $241,100 |
Source: Ownwell
Property Tax Bills Across Franklin County, Iowa
In Franklin County, IA, property tax bills are calculated based on the assessed value of a home, which differs from its market value. The assessed value is determined by the county assessor and is used to calculate the property tax owed by homeowners. Factors such as the property's size, location, and improvements contribute to this assessed value. Once the assessed value is established, the local tax rate is applied to determine the tax bill. For example, the median home price in Franklin County is $103,400. Property tax bills can vary significantly, with the 25th percentile at $960, the 75th percentile at $2502, and the 90th percentile reaching $3546. Dougherty has the highest median tax bill at $2538, while Popejoy has the lowest at $364. These variations illustrate how different factors, such as property location and specific assessments, impact the final tax amount. Homeowners should be aware of these elements as they directly affect their annual financial obligations.
Average Franklin County Tax Bill
$1,653
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin County, Iowa
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ackley | $419 | $1,143 | $1,743 | $2,617 | $3,535 |
| Alden | $638 | $1,200 | $1,748 | $2,852 | $3,762 |
| Alexander | $205 | $615 | $1,083 | $2,272 | $3,344 |
| Aredale | $277 | $790 | $1,102 | $1,554 | $2,677 |
| Bradford | $73 | $262 | $518 | $856 | $1,125 |
| Chapin | $41 | $162 | $466 | $610 | $891 |
| Coulter | $259 | $604 | $970 | $1,316 | $1,844 |
| Dougherty | $1,279 | $1,591 | $2,538 | $3,395 | $4,818 |
| Dows | $76 | $420 | $1,237 | $2,331 | $3,477 |
| Dumont | $771 | $1,166 | $1,664 | $3,430 | $4,382 |
| Geneva | $265 | $702 | $1,216 | $2,058 | $3,167 |
| Hampton | $581 | $1,100 | $1,762 | $2,627 | $3,747 |
| Iowa Falls | $852 | $1,378 | $2,061 | $2,623 | $3,315 |
| Latimer | $607 | $995 | $1,516 | $2,233 | $2,801 |
| Meservey | $256 | $1,798 | $2,374 | $2,997 | $3,629 |
| Popejoy | $53 | $94 | $364 | $697 | $1,002 |
| Rowan | N/A | N/A | N/A | N/A | N/A |
| Sheffield | $611 | $1,252 | $1,948 | $2,680 | $3,705 |
| Thornton | $636 | $1,292 | $1,958 | $2,518 | $3,228 |
Source: Ownwell