Franklin Furnace, Ohio Property Taxes
The median property tax rate in Franklin Furnace, OH is 1.00%, slightly higher than the national median of 0.99% but significantly lower than the Ohio state median of 1.80%. With a median home value of $142,220 in Franklin Furnace, the typical annual property tax bill is around $1,454, which is more manageable compared to the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural land. Understanding Franklin Furnace'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 Furnace or another part of Lawrence County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin Furnace, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Franklin Furnace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklin Furnace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklin Furnace 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 Furnace, Ohio
Property taxes in Franklin Furnace, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin Furnace is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Franklin Furnace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklin Furnace 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 Furnace's effective property tax rate to other areas in Ohio and the national median. For comparison, the 45629 zip code has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these areas compare with Franklin Furnace provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Furnace Tax Rate
1.00%
Average Lawrence County Tax Rate
1.02%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin Furnace, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45629 | 0.81% | 0.97% | 1.00% | 1.01% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Franklin Furnace, Ohio
In Franklin Furnace, Ohio, 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 Lawrence 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 Furnace, 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 Furnace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,454 in zip code 45629, while the lowest is also $1,454 in the same zip code.
Average Franklin Furnace Assessed Value
$142,220
Average Lawrence County Assessed Value
$85,530
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin Furnace, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45629 | $79,494 | $84,390 | $142,220 | $155,270 | $174,872 |
Source: Ownwell
Property Tax Bills Across Franklin Furnace, Ohio
In Franklin Furnace, located in Lawrence County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Franklin Furnace is $142,220. Local tax rates are applied to this assessed value to determine the annual tax bill. Homeowners in Franklin Furnace can expect their tax bills to vary significantly, with the 25th percentile at approximately $768 and the 75th percentile reaching up to $1508. The highest median tax bill in the area is $1454, which is notably higher than the national median property tax rate of 0.99%. These tax rates are influenced by various factors, including local government budgets and public service funding needs. For homeowners, this means that property taxes can represent a significant portion of annual expenses, directly impacting their financial planning and long-term investment in their property. Understanding these calculations helps homeowners better anticipate their yearly financial obligations.
Average Franklin Furnace Tax Bill
$1,454
Average Lawrence County Tax Bill
$879
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin Furnace, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45629 | $659 | $768 | $1,454 | $1,508 | $1,725 |
Source: Ownwell