Franklin, Polk County, Tennessee Property Taxes
Last Updated March 1, 2025
Franklin, Polk County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.63%
Estimate Property Tax Bill
$199
$185
Property Tax Rates Across Franklin, Polk County, Tennessee
Local government entities determine tax rates, which can vary significantly within Tennessee. Annually, each county assesses its budgetary needs to provide essential services and divides this by the total value of all taxable property within its jurisdiction, establishing the property tax rate. While votes and legislative measures play a role in setting these rates and budgets, this is essentially the annual process.
In Franklin, located in Williamson County, property owners experience a unique tax landscape. The effective property tax rate here is 0.56%, which is notably lower than Tennessee's median rate of 0.63%. Compared to the national median property tax rate of 1.02%, Franklin's rate is significantly more favorable, offering residents a financial advantage. Moreover, the median property tax bill in Franklin is $2,300, slightly below the national median of $2,400.
This favorable tax environment can be particularly appealing to homeowners and potential buyers, providing a compelling reason to consider Franklin as a residential option. Residents benefit from lower property taxes while still enjoying the services and amenities funded by these taxes.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Franklin Tax Rate
0.63%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Polk County Tax Rate
0.63%
Median Effective Tennessee Tax Rate
0.64%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Franklin, Polk County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42134 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Polk County, Tennessee
When examining property taxes in Franklin, TN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Polk County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Polk County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Franklin.
For example, the median home price in Franklin is $31,600, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Franklin, Polk County, Tennessee
Source: Ownwell
$7,200
$36,200
$65,200
Median Franklin Market Value
$31,600
Median Polk County Market Value
$48,850
Median Tennessee Market Value
$173,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Franklin, Polk County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42134 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Franklin, Polk County, Tennessee
In Franklin, Tennessee, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Unlike many regions, Franklin maintains a relatively low property tax burden. The median home price in Franklin is $31,600, and many homeowners see tax bills around $198, which is significantly below the national median property tax bill of $2,400. This affordability is a result of the region's lower tax rates compared to the national median property tax rate of 1.02%.
Homeowners in Franklin can benefit from appealing their property tax assessments to ensure they are not overpaying. This is where Ownwell comes in. By providing expert property tax appeal services, Ownwell helps homeowners navigate the complexities of tax assessments, potentially lowering their tax bills. With a focus on maximizing savings, Ownwell offers a valuable service that can result in significant financial relief for Franklin homeowners.
Median Franklin Tax Bill
$198
Median Polk County Tax Bill
$310
Median Tennessee Tax Bill
$1,206
Median United States Tax Bill
$2,400
Property Tax Bills Across Franklin, Polk County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42134 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell