Franklin County, Kentucky Property Taxes
The median property tax rate in Franklin County is 1.20%, which is significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $129,000, the typical annual property tax bill reaches $1,314, surpassing 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 like the 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 Frankfort 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, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,548
$1,437
Ownwell’s Franklin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Franklin with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Franklin 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, Kentucky
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 1.20%, which is higher than 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. The following data compares Franklin County's effective property tax rate with other counties and the national median. For comparison, the city of Bagdad has one of the higher property tax rates at 1.20%, while the city of Lawrenceburg boasts one of the lowest at 0.85%. 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
1.20%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bagdad | 0.51% | 0.79% | 1.20% | 1.20% | 1.20% |
| Frankfort | 0.47% | 0.83% | 1.20% | 1.20% | 1.20% |
| Lawrenceburg | N/A | N/A | N/A | N/A | N/A |
| Midway | 0.74% | 0.93% | 1.20% | 1.20% | 1.20% |
| Stamping Ground | 0.86% | 1.19% | 1.20% | 1.20% | 1.20% |
| Waddy | 0.77% | 0.91% | 1.20% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Franklin County, Kentucky
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. In Franklin County, the city of Midway has the highest median tax bill at $2,042, while Bagdad has the lowest at $956. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Franklin County, Kentucky
Source: Ownwell
$92,208
$138,492
$184,776
Average Franklin County Assessed Value
$129,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bagdad | $34,050 | $65,898 | $92,208 | $136,587 | $187,084 |
| Frankfort | $55,812 | $93,000 | $129,000 | $177,000 | $255,000 |
| Lawrenceburg | N/A | N/A | N/A | N/A | N/A |
| Midway | $21,800 | $107,500 | $182,500 | $299,697 | $426,200 |
| Stamping Ground | $18,441 | $51,000 | $95,000 | $162,972 | $208,335 |
| Waddy | $93,750 | $125,666 | $184,776 | $260,450 | $343,587 |
Source: Ownwell
Property Tax Bills Across Franklin County, Kentucky
In Franklin County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $129,000, the property tax bill can vary significantly. Factors such as the property's location, improvements, and market conditions are considered in the assessment process. Homeowners in Franklin County can expect their tax bills to range widely. At the 25th percentile, the tax bill is around $790, while at the 75th percentile, it rises to $1924. For those at the 90th percentile, the tax bill can reach up to $2868. In comparison, the city of Midway has the highest median tax bill in the county at $2042, whereas Bagdad has the lowest at $956. These variations highlight how local factors and property values directly impact the financial obligations of homeowners in Franklin County.
Average Franklin County Tax Bill
$1,314
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bagdad | $276 | $478 | $956 | $1,525 | $2,188 |
| Frankfort | $362 | $796 | $1,314 | $1,914 | $2,868 |
| Lawrenceburg | N/A | N/A | N/A | N/A | N/A |
| Midway | $498 | $927 | $2,042 | $3,522 | $5,115 |
| Stamping Ground | $190 | $595 | $956 | $1,930 | $2,425 |
| Waddy | $734 | $1,334 | $1,836 | $2,728 | $4,107 |
Source: Ownwell