Franklin, Michigan Property Taxes
The median property tax rate in Franklin, MI is 1.31%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Franklin, the typical annual property tax bill reaches $8,747, exceeding the national median of $2,690. Property taxes in Franklin are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like 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, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$8,670
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, Michigan
Property taxes in Franklin, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 1.31%, notably 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 Oakland County and the national median. For comparison, the zip code 48025 has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these areas compare with Franklin provides valuable insights into the varying tax landscape across Oakland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
1.31%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48025 | 0.97% | 1.14% | 1.31% | 1.53% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Michigan
In Franklin, Michigan, 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 Oakland 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. 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 median tax bill in Franklin is $8,747 in the 48025 zip code, while the lowest is also $8,747 in the same zip code.
Average Franklin Assessed Value
$661,850
Average Oakland County Assessed Value
$273,320
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48025 | $355,700 | $490,955 | $661,850 | $944,720 | $1,404,888 |
Source: Ownwell
Property Tax Bills Across Franklin, Michigan
In Franklin, located in Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically represents a percentage of the market value of the property. Homeowners in Franklin can expect a median property tax bill around $8,747, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the home's location, size, and any improvements made to the property. For instance, homes in the 25th percentile have tax bills around $6,178, while those in the 75th percentile can see bills as high as $13,268. The highest tax bills, falling in the 90th percentile, can reach up to $20,354. These taxes fund essential local services such as schools, public safety, and infrastructure, impacting homeowners by contributing to the overall quality of life in the community.
Average Franklin Tax Bill
$8,747
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48025 | $4,347 | $6,178 | $8,747 | $13,268 | $20,354 |
Source: Ownwell