Franklinton, North Carolina Property Taxes
The median property tax rate in Franklinton, NC is 0.94%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $154,585 in Franklinton, the typical annual property tax bill amounts to $1,582, which is below the national median of $2,690. Property taxes in Franklinton 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 Franklinton'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 Franklinton 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
Franklinton, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,453
-$15,228
Ownwell’s Franklinton Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Franklinton with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Franklinton to provide an estimate of your property tax bill. This powerful tool gives you a clear understanding of your potential tax liabilities. For those interested in trends at a more granular level, additional localized information is available. Your property’s assessed value, assigned by Franklin County, is crucial for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Franklinton, North Carolina
Property taxes in Franklinton, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklinton is 0.94%, which is lower than the U.S. national median of 0.99%. Local government entities within Franklinton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklinton 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 Franklinton's effective property tax rate to other areas in Franklin County and the national median. For comparison, the zip code 27525 has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Franklinton provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklinton Tax Rate
0.94%
Average Franklin County Tax Rate
0.94%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklinton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27525 | 0.87% | 0.91% | 0.94% | 1.05% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Franklinton, North Carolina
In Franklinton, North Carolina, 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 Franklin 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 Franklinton, 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 Franklinton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,582, found in the 27525 zip code.
Property Tax Assessment Values Across Franklinton, North Carolina
Source: Ownwell
$7,500
$126,575
$245,650
Average Franklinton Assessed Value
$154,585
Average Franklin County Assessed Value
$157,340
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklinton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27525 | $49,223 | $87,890 | $154,585 | $233,295 | $278,911 |
Source: Ownwell
Property Tax Bills Across Franklinton, North Carolina
In Franklinton, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For example, with a median home price of $154,585, the property tax rate is applied to this assessed value to calculate the annual tax bill. The tax rate in Franklin County is influenced by various factors, including local government budgets and public service funding requirements. Homeowners in Franklinton can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $980, while the 75th percentile reaches $2,221, and the 90th percentile goes up to $2,759. This range indicates that property tax bills can differ greatly depending on the property's assessed value and the specific tax rate applied. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax obligations. For homeowners, these taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting community quality and property value retention.
Average Franklinton Tax Bill
$1,582
Average Franklin County Tax Bill
$1,492
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklinton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27525 | $535 | $980 | $1,582 | $2,221 | $2,759 |
Source: Ownwell