Franklin, West Virginia Property Taxes
The median property tax rate in Franklin, WV is 0.41%, significantly lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Franklin at $105,200, the typical annual property tax bill is $441, which falls well below the national median of $2,690. Property taxes in Franklin are calculated based on the tax assessed value, which often is lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Franklin's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Franklin or another part of Pendleton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklin, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$431
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, West Virginia
Property taxes in Franklin, West Virginia, 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 0.41%, which is significantly 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 Pendleton County and the national median. For comparison, the zip code 26807 has the highest median property tax rate of 0.41%, while the same zip code 26807 also has the lowest median tax rate of 0.41%. Understanding how these areas compare with Franklin provides valuable insights into the varying tax landscape across Pendleton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.41%
Average Pendleton County Tax Rate
0.41%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26807 | 0.31% | 0.41% | 0.41% | 0.41% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, West Virginia
In Franklin, West Virginia, 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 Pendleton County Assessor 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. For example, the median home price in Franklin is $105,200, with tax bills ranging from $251 at the 25th percentile to $1,086 at the 90th percentile. The zip code 26807 has the highest and lowest median tax bill, both at $441. 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.
Average Franklin Assessed Value
$105,200
Average Pendleton County Assessed Value
$98,400
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26807 | $26,800 | $64,300 | $105,200 | $162,300 | $241,400 |
Source: Ownwell
Property Tax Bills Across Franklin, West Virginia
In Franklin, WV, 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 a percentage of the market value of the property. For homeowners in Franklin, the median home price stands at $105,200. Various factors such as location, property size, and improvements can influence this assessment. Once the assessed value is determined, it is multiplied by the local tax rate to calculate the annual property tax bill. In Pendleton County, where Franklin is located, the median property tax bill is $441.00, which is significantly lower than the national median property tax rate of 0.99%. For instance, homeowners in the 25th percentile can expect to pay around $251, while those in the 75th percentile might see bills up to $712. The tax burden can impact homeowners by influencing their overall housing costs and potentially affecting property values in the area.
Average Franklin Tax Bill
$441
Average Pendleton County Tax Bill
$396
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26807 | $106 | $251 | $441 | $712 | $1,086 |
Source: Ownwell