Franklin, Tennessee Property Taxes
The median property tax rate in Franklin, TN is 0.63%, which is lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With the median home value in Franklin, the typical annual property tax bill reaches $198, significantly below the national median of $2,690. Property taxes in Franklin are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. 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, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$199
Ownwell’s Franklin Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Franklin with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklin to provide an accurate property tax bill estimate. This valuable tool helps you understand your potential tax liabilities, allowing for better financial planning. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Franklin, Tennessee
Property taxes in Franklin, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 0.63%, 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 areas in Tennessee and the national median. For comparison, the 42134 zip code in Franklin has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these figures compare with Franklin provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.63%
Average Polk County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42134 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Tennessee
In Franklin, Tennessee, 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 local 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, 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 highest and lowest median tax bills are both $198 in the 42134 zip code.
Average Franklin Assessed Value
$31,600
Average Polk County Assessed Value
$48,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42134 | $31,600 | $31,600 | $31,600 | $31,600 | $31,600 |
Source: Ownwell
Property Tax Bills Across Franklin, Tennessee
In Franklin, Tennessee, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate, set by county authorities, is then applied to this assessed value to calculate the annual property tax bill. Factors such as the home's size, location, and condition can influence its market value, and consequently, its assessed value. For homeowners in Franklin, the property tax rate is a critical factor in their annual financial planning. The median home price in Franklin stands at $31,600, with property tax bills typically around $198, regardless of the home's market value. This consistency offers predictability for homeowners, making it easier to budget for property taxes each year. Compared to the national median property tax rate of 0.99%, Franklin's property tax rates provide a relatively stable and predictable expense for homeowners. This can be particularly beneficial for those on fixed incomes or those looking to invest in property within the region.
Average Franklin Tax Bill
$198
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42134 | $198 | $198 | $198 | $198 | $198 |
Source: Ownwell