Franklinton, North Carolina Property Taxes
The median property tax rate in Franklinton, NC is 0.94%, slightly below the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $183,059, the typical annual property tax bill in Franklinton reaches $1,691, which is lower than 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 exemptions such as those for primary residences and agricultural properties. 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 Granville County, 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
$1,721
$1,597
Ownwell’s FRANKLINTON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FRANKLINTON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FRANKLINTON 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 Franklinton, North Carolina
Property taxes in Franklinton, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklinton is 0.94%, slightly 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 Granville County and the national median. For comparison, the zip code 27525 has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Franklinton provides valuable insights into the varying tax landscape across Granville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklinton Tax Rate
0.94%
Average Granville County Tax Rate
1.00%
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 | 0.90% | 0.91% | 0.94% | 0.97% | 1.03% |
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 Granville 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 median tax bill in Franklinton is $1,691 in the 27525 zip code, while the lowest median tax bill is also $1,691 in the same zip code.
Property Tax Assessment Values Across Franklinton, North Carolina
Source: Ownwell
$56,307
$184,729
$313,151
Average Franklinton Assessed Value
$183,059
Average Granville County Assessed Value
$137,588
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 | $75,414 | $129,322 | $183,059 | $271,973 | $333,926 |
Source: Ownwell
Property Tax Bills Across Franklinton, North Carolina
In Franklinton, located in Granville County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Franklinton can expect their property tax bills to vary significantly depending on several factors, including the property's assessed value and any applicable exemptions. For instance, the median home price in Franklinton is $183,059. Property tax bills can range widely, with the 25th percentile paying around $1,186 and the 75th percentile paying approximately $2,435. At the 90th percentile, the tax bill can go up to $3,014. These figures highlight the variability in property tax obligations, which can significantly impact homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Franklinton's property tax bills reflect the local economic conditions and property values. Understanding these factors can help homeowners anticipate their tax responsibilities and plan their finances accordingly.
Average Franklinton Tax Bill
$1,691
Average Granville County Tax Bill
$1,476
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 | $730 | $1,186 | $1,691 | $2,435 | $3,014 |
Source: Ownwell