Franklin, Arkansas Property Taxes
The median property tax rate in Franklin, Arkansas is 0.59%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $52,250 in Franklin, the typical annual property tax bill amounts to $287, well below the national median of $2,690. Property taxes in Franklin are calculated based on the tax assessed value, which often 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 substantial 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, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$308
$286
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, Arkansas
Property taxes in Franklin, Arkansas, 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 0.59%, significantly lower than both the Arkansas 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 Arkansas and the national median. For comparison, the 72512 zip code has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Franklin provides valuable insights into the varying tax landscape across Izard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklin Tax Rate
0.59%
Average Izard County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franklin, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72512 | 0.55% | 0.60% | 0.69% | 0.78% | 0.84% |
| 72536 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Arkansas
In Franklin, Arkansas, 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 local 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 median tax bill in the area is $656 in zip code 72512, while the lowest is also $656 in the same zip code.
Average Franklin Assessed Value
$52,250
Average Izard County Assessed Value
$60,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franklin, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72512 | $64,870 | $81,250 | $108,550 | $135,850 | $152,230 |
| 72536 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Franklin, Arkansas
In Franklin, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Franklin is $52,250. To determine the tax bill, the assessed value is multiplied by the local tax rate. Various factors, including property improvements and market trends, can influence a home's assessed value. For homeowners, this calculation means that property taxes can vary significantly. For instance, the tax bill at the 25th percentile is $136, while at the 75th percentile, it climbs to $494. At the 90th percentile, it can reach as high as $879. These variations illustrate how different factors can lead to a wide range of tax bills, affecting homeowners' annual financial planning. Comparatively, Franklin's tax rates are modest, given the national median property tax rate of 0.99%. However, understanding these calculations is crucial for homeowners to anticipate their property tax obligations and manage their finances accordingly.
Average Franklin Tax Bill
$287
Average Izard County Tax Bill
$375
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklin, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72512 | $508 | $564 | $656 | $748 | $803 |
| 72536 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell