Franklin, Texas Property Taxes
The median property tax rate in Franklin, TX is 1.11%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Franklin being $185,294, the typical annual property tax bill amounts to $1,464, which is below the national median of $2,690. Property taxes in Franklin are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural land. 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, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s Franklin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklin 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, Texas
Property taxes in Franklin, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklin is 1.11%, higher than both the Texas state median and 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 counties in Texas and the national median. For comparison, the 77856 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Robertson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
1.11%
Average Robertson County Tax Rate
1.09%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77856 | 0.24% | 0.57% | 1.11% | 1.39% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Texas
In Franklin, Texas, 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 Robertson 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, 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 zip code 77856 has the highest median tax bill at $1,464, while the lowest is also $1,464, highlighting a uniform tax burden within the area.
Average Franklin Assessed Value
$185,294
Average Robertson County Assessed Value
$118,900
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77856 | $23,009 | $68,262 | $185,294 | $353,954 | $555,446 |
Source: Ownwell
Property Tax Bills Across Franklin, Texas
In Franklin, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $185,294, homeowners can expect their tax bills to vary significantly. The tax bill at the 25th percentile is around $484, while at the 75th percentile, it reaches approximately $3,399. For those in the 90th percentile, the tax bill can soar to $5,340. Several factors influence these tax bills, including property location, home size, and any applicable exemptions. The highest and lowest median tax bills in the area are both $1,464, indicating a uniformity in tax assessments within the same zip code. This taxation system significantly impacts homeowners, as higher property values and tax rates can lead to substantial annual expenses, making it crucial for residents to understand their tax obligations and explore potential exemptions.
Average Franklin Tax Bill
$1,464
Average Robertson County Tax Bill
$993
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77856 | $171 | $484 | $1,464 | $3,399 | $5,340 |
Source: Ownwell