Franklin, Minnesota Property Taxes
The median property tax rate in Franklin, MN is 0.62%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $199,900 in Franklin, the typical annual property tax bill totals $804, well below 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 those for primary residences and agricultural properties. 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, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
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, Minnesota
Property taxes in Franklin, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 0.62%, 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 counties in Minnesota and the national median. For comparison, the 55333 zip code has the highest median property tax rate of 0.62%, while the 55333 zip code also has the lowest median tax rate of 0.62%. Understanding how these areas compare with Franklin provides valuable insights into the varying tax landscape across Brown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.62%
Average Brown County Tax Rate
1.37%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55333 | 0.40% | 0.48% | 0.62% | 0.70% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Minnesota
In Franklin, Minnesota, 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 Brown County Assessor's Office 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 zip code with the highest median tax bill is 55333, with a tax bill of $804, which is also the lowest median tax bill in the area.
Average Franklin Assessed Value
$199,900
Average Brown County Assessed Value
$152,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55333 | $122,060 | $151,250 | $199,900 | $219,550 | $231,340 |
Source: Ownwell
Property Tax Bills Across Franklin, Minnesota
In Franklin, MN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. For instance, with a median home price of $199,900, the tax bill varies widely. Homeowners at the 25th percentile pay around $744, while those at the 75th percentile pay about $1,140. The top 10% of tax bills can reach up to $1,342. Several factors influence these amounts, including the property's assessed value, local tax rates, and any applicable exemptions or abatements. Compared to the national median property tax rate of 0.99%, Franklin's rates are competitive, making it an attractive option for homeowners. However, the impact on homeowners can vary significantly based on the assessed value of their property. Higher-valued homes naturally incur higher tax bills, which can affect affordability and financial planning. Understanding these variables can help homeowners better anticipate their annual tax obligations and manage their budgets more effectively.
Average Franklin Tax Bill
$804
Average Brown County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55333 | $708 | $744 | $804 | $1,140 | $1,342 |
Source: Ownwell