Franklin County, Tennessee Property Taxes
The median property tax rate in Franklin County is 0.47%, which is significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Franklin County at $205,400, the typical annual property tax bill reaches $1,112, well below the national median of $2,690. Property taxes in Franklin County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Franklin County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Winchester or another part of Franklin County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$965
$896
Ownwell’s Franklin County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Franklin County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Franklin County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Franklin County, Tennessee
Property taxes in Franklin County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Franklin County is 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Franklin County set these rates annually, and they can vary significantly between different areas within the county. Each year, Franklin County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Cowan has one of the higher property tax rates in the region at 0.70%, while the city of Sewanee boasts one of the lowest at 0.47%. Analyzing how Franklin County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Franklin County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Belvidere | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
| Cowan | 0.47% | 0.70% | 0.70% | 0.70% | 0.70% |
| Decherd | 0.47% | 0.47% | 0.47% | 0.65% | 0.65% |
| Elora | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
| Estill Springs | 0.47% | 0.47% | 0.47% | 0.59% | 0.59% |
| Flintville | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
| Huntland | 0.47% | 0.47% | 0.47% | 0.69% | 0.69% |
| Lynchburg | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
| Monteagle | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
| Pelham | N/A | N/A | N/A | N/A | N/A |
| Sewanee | 0.42% | 0.42% | 0.47% | 0.47% | 0.47% |
| Sherwood | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
| Tullahoma | 0.47% | 0.47% | 0.47% | 0.91% | 0.91% |
| Winchester | 0.47% | 0.47% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Franklin County, Tennessee
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Franklin County, TN. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Franklin County Appraisal District. The assessed value, however, 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. Assessment notices in Franklin County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For example, Monteagle has the highest median tax bill at $2,125, while Sherwood has the lowest at $491. Being aware of these valuation processes in Franklin County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Franklin County, Tennessee
Source: Ownwell
$105,300
$279,250
$453,200
Average Franklin County Assessed Value
$205,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Belvidere | $50,870 | $109,775 | $189,850 | $291,725 | $454,630 |
| Cowan | $39,880 | $73,525 | $112,450 | $169,600 | $249,550 |
| Decherd | $62,100 | $100,000 | $155,600 | $243,800 | $353,760 |
| Elora | $96,820 | $133,700 | $171,800 | $266,100 | $436,860 |
| Estill Springs | $78,070 | $147,900 | $210,300 | $314,850 | $586,810 |
| Flintville | $128,400 | $160,650 | $191,800 | $265,250 | $349,300 |
| Huntland | $65,260 | $104,750 | $149,800 | $245,100 | $390,220 |
| Lynchburg | $310,600 | $356,750 | $405,600 | $480,600 | $514,500 |
| Monteagle | $250,640 | $323,900 | $453,200 | $648,300 | $736,000 |
| Pelham | N/A | N/A | N/A | N/A | N/A |
| Sewanee | $104,050 | $165,650 | $279,300 | $432,850 | $607,830 |
| Sherwood | $32,660 | $54,500 | $105,300 | $195,600 | $329,140 |
| Tullahoma | $92,190 | $162,850 | $219,850 | $312,250 | $420,780 |
| Winchester | $85,220 | $143,400 | $236,600 | $398,800 | $624,880 |
Source: Ownwell
Property Tax Bills Across Franklin County, Tennessee
In Franklin County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as property location, size, and improvements can influence the assessed value. For instance, the median home price in Franklin County is $205,400. Homeowners in Franklin County experience a range of tax bills. The 25th percentile tax bill is $698, while the 75th percentile reaches $1,801. At the higher end, the 90th percentile tax bill is $2,834. Notably, Monteagle has the highest median tax bill at $2,125, whereas Sherwood has the lowest at $491. These property taxes significantly impact homeowners, as they must budget for these annual expenses. Compared to the national median property tax rate of 0.99%, Franklin County's tax rates can vary, affecting the overall cost of homeownership in the region.
Average Franklin County Tax Bill
$1,112
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Belvidere | $230 | $502 | $886 | $1,361 | $2,131 |
| Cowan | $251 | $492 | $738 | $1,137 | $1,572 |
| Decherd | $336 | $571 | $901 | $1,352 | $1,798 |
| Elora | $454 | $594 | $800 | $1,248 | $1,993 |
| Estill Springs | $395 | $776 | $1,110 | $1,610 | $2,923 |
| Flintville | $602 | $753 | $899 | $1,244 | $1,638 |
| Huntland | $351 | $576 | $869 | $1,286 | $1,961 |
| Lynchburg | $1,456 | $1,672 | $1,902 | $2,253 | $2,412 |
| Monteagle | $1,175 | $1,519 | $2,125 | $3,039 | $3,411 |
| Pelham | N/A | N/A | N/A | N/A | N/A |
| Sewanee | $448 | $720 | $1,226 | $1,866 | $2,689 |
| Sherwood | $143 | $253 | $491 | $907 | $1,543 |
| Tullahoma | $445 | $845 | $1,332 | $1,942 | $2,623 |
| Winchester | $493 | $820 | $1,289 | $2,229 | $3,336 |
Source: Ownwell