Franklin, Kentucky Property Taxes
The median property tax rate in Franklin, KY is 0.93%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $130,000 in Franklin, the typical annual property tax bill amounts to $1,117, which is below the national median of $2,690. Property taxes in Franklin are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as 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
0.93%
Estimate Property Tax Bill
$1,209
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 funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 0.93%, which is lower 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 Simpson County and the national median. For comparison, the 42134 zip code has the highest median property tax rate of 0.93%, while the 42135 zip code has the lowest median tax rate of 0.72%. Understanding how these areas compare with Franklin provides valuable insights into the varying tax landscape across Simpson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.93%
Average Simpson County Tax Rate
0.93%
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 | 0.60% | 0.93% | 0.93% | 0.93% | 0.93% |
| 42135 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
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 Simpson 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. For example, the highest median tax bill in Franklin is $1,430 in the 42135 zip code, while the lowest is $1,117 in the 42134 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Franklin Assessed Value
$130,000
Average Simpson County Assessed Value
$130,000
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 | $40,000 | $81,188 | $130,000 | $193,950 | $270,000 |
| 42135 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 |
Source: Ownwell
Property Tax Bills Across Franklin, Kentucky
In Franklin, KY, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $130,000 in Franklin, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $652, while those at the 75th percentile could see bills as high as $1,722. At the 90th percentile, the tax bill can reach up to $2,436. Several factors influence these tax bills, including the home's market value, any applicable exemptions, and the specific tax rate set by local authorities. Compared to the national median property tax rate of 0.99%, Franklin's property tax rates can present a varied landscape for homeowners. This variability can impact household budgets, influencing decisions on homeownership and financial planning in the area. The highest median tax bill in Franklin's zip code 42135 is $1,430, while the lowest in zip code 42134 is $1,117.
Average Franklin Tax Bill
$1,117
Average Simpson County Tax Bill
$1,117
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 | $311 | $652 | $1,117 | $1,722 | $2,436 |
| 42135 | $1,430 | $1,430 | $1,430 | $1,430 | $1,430 |
Source: Ownwell