Franklin, Kentucky Property Taxes
The median property tax rate in Franklin, KY is 0.95%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $54,748 in Franklin, the typical annual property tax bill amounts to $402, which is significantly lower than 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 like 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, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$520
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, Kentucky
Property taxes in Franklin, Kentucky, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 0.95%, which is slightly below 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 Kentucky and the national median. For comparison, the zip code 42134 has the highest median property tax rate of 0.95%, while the lowest median tax rate is also 0.95% in the same zip code. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Allen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.95%
Average Allen County Tax Rate
0.94%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42134 | 0.28% | 0.93% | 0.95% | 0.99% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Kentucky
In Franklin, Kentucky, 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 Allen County Property Valuation Administrator 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 $54,748, with tax bills varying significantly. For instance, the 25th percentile tax bill is $147, while the 75th percentile reaches $883, and the 90th percentile can go up to $1,647. The zip code 42134 has both the highest and lowest median tax bill, each at $402.
Average Franklin Assessed Value
$54,748
Average Allen County Assessed Value
$66,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42134 | $10,000 | $25,000 | $54,748 | $104,463 | $184,299 |
Source: Ownwell
Property Tax Bills Across Franklin, Kentucky
In Franklin, located in Allen County, KY, property tax bills are calculated based on the assessed value of a property and the applicable tax rate. The median home price in Franklin is $54,748, which serves as a baseline for determining tax bills. Homeowners can expect their tax bill to vary significantly, with the 25th percentile at $147 and the 75th percentile reaching $883. For those in the 90th percentile, tax bills can be as high as $1,647. The highest and lowest median tax bill in Franklin both stand at $402, which is relatively modest compared to the national median property tax rate of 0.99%. These tax bills are influenced by several factors, including property location, market conditions, and local government budgets. Homeowners in Franklin benefit from lower property tax rates, which can make homeownership more affordable. Understanding these factors helps residents anticipate their financial responsibilities and manage their budgets effectively.
Average Franklin Tax Bill
$402
Average Allen County Tax Bill
$516
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42134 | $45 | $147 | $402 | $883 | $1,647 |
Source: Ownwell