Franklin, Wisconsin Property Taxes
The median property tax rate in Franklin, WI is 1.58%, considerably higher than the national median of 0.99%. With the median home value in Franklin at $367,300, the typical annual property tax bill reaches $5,735, exceeding the national median of $2,690. Property taxes in Franklin are calculated based on the tax assessed value, which typically 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, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$5,803
$5,385
Ownwell’s Franklin Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to 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 provide an accurate property tax bill estimate. This valuable tool aids in understanding your potential tax liabilities. For those interested in neighborhood-level trends, further localized information is available below. Your property’s assessed value is determined by Milwaukee County for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Franklin, Wisconsin
Property taxes in Franklin, Wisconsin, 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 1.58%, significantly higher 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 Milwaukee County and the national median. For comparison, the zip code 53132 in Franklin has the highest median property tax rate of 1.58%, while the same zip code also has the lowest median tax rate of 1.58%. Understanding how these rates compare with Franklin provides valuable insights into the varying tax landscape across Milwaukee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
1.58%
Average Milwaukee County Tax Rate
2.38%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, 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, Wisconsin
In Franklin, Wisconsin, 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 Milwaukee 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 highest and lowest median tax bills in Franklin are both $5,735, found in the 53132 zip code.
Average Franklin Assessed Value
$367,300
Average Milwaukee County Assessed Value
$184,600
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, 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, Wisconsin
In Franklin, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Milwaukee County. The process begins with an assessment, where the property's market value is determined. This assessed value is then multiplied by the tax rate to calculate the annual tax bill. Homeowners in Franklin see a range of tax bills, with the 25th percentile at $4,355 and the 75th percentile reaching $7,122. At the 90th percentile, tax bills can go up to $8,718. The median home price in Franklin is $367,300, which significantly influences the tax bill. Compared to the national median property tax rate of 0.99%, Franklin's tax rates can result in higher-than-average tax bills. For instance, the highest median tax bill in the 53132 zip code stands at $5,735. These tax obligations can have a substantial impact on homeowners, affecting their overall financial planning and housing affordability. Understanding how these factors interplay is crucial for residents to manage their property tax responsibilities effectively.
Average Franklin Tax Bill
$5,735
Average Milwaukee County Tax Bill
$3,903
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, 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