Franklin, Milwaukee County, Wisconsin Property Taxes
Median Franklin, WI effective property tax rate: 1.58%, significantly higher than the national median of 1.02%, but equal to the Wisconsin state median of 1.58%.
Median Franklin, WI home value: $367,300
Median annual Franklin, WI tax bill: $5,735, $3,335 higher than the national median property tax bill of $2,400.
How are property taxes in Milwaukee calculated?
Property taxes in Franklin, WI are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Franklin’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Franklin, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Franklin, Milwaukee County, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.58%
Estimate Property Tax Bill
$5,803
$5,385
Property Tax Rates Across Franklin, Milwaukee County, Wisconsin
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
1.58%
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 Milwaukee County Tax Rate
2.38%
Median Effective Wisconsin Tax Rate
1.58%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Franklin, Milwaukee County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53132 | 1.50% | 1.55% | 1.58% | 1.59% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Milwaukee County, Wisconsin
When examining property taxes in Franklin, WI, 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 Milwaukee County Assessor 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 Milwaukee 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 $367,300, with tax bills ranging significantly across the county. Zip code 53132 has the highest median home price at $367,300.
Property Tax Assessment Values Across Franklin, Milwaukee County, Wisconsin
Source: Ownwell
$8,900
$329,250
$649,600
Median Franklin Market Value
$367,300
Median Milwaukee County Market Value
$184,600
Median Wisconsin Market Value
$200,300
Median United States Market Value
$235,294
Property Tax Assessment Values Across Franklin, Milwaukee County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53132 | $209,400 | $284,000 | $367,300 | $460,900 | $570,500 |
Source: Ownwell
Property Tax Bills Across Franklin, Milwaukee County, Wisconsin
In Franklin, located in Milwaukee County, WI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. The median property tax bill in Franklin is $5,735, which is significantly higher than the national median of $2,400. Factors such as the market value of the property, improvements made to the home, and changes in local tax rates can all impact the final tax bill. This can place a substantial financial burden on homeowners, especially when compared to the national median property tax rate of 1.02%.
Ownwell offers valuable assistance to homeowners in Franklin by providing expert property tax appeal and exemption services. By analyzing the assessed value of a property and comparing it to similar properties, Ownwell can identify potential discrepancies and work to lower the tax burden. This can lead to significant savings on property tax bills, easing the financial strain on homeowners.
Median Franklin Tax Bill
$5,735
Median Milwaukee County Tax Bill
$3,903
Median Wisconsin Tax Bill
$3,346
Median United States Tax Bill
$2,400
Property Tax Bills Across Franklin, Milwaukee County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53132 | $3,174 | $4,355 | $5,735 | $7,122 | $8,718 |
Source: Ownwell