Franklin County, Kentucky Property Taxes

Name: Property Tax Bills Across Franklin County, Kentucky
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Franklin County effective property tax rate: 1.20%, significantly higher than the national median of 1.02%.
Median Franklin County home value: $129,000
Median annual Franklin County tax bill: $1,314, $1,086 lower than the national median property tax bill of $2,400.

How are property taxes in Franklin County calculated?

Property taxes in Franklin County 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 your county's property tax system, exemptions, and reduction opportunities can lead to significant savings. Whether you live in Frankfort or another part of Franklin County, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Franklin County, Kentucky Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.2%

Estimate Property Tax Bill

$1,548

$1,437

Ownwell’s Franklin County Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Franklin County with just two data points. By entering your property's estimated assessed value, our calculator applies Franklin County’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Franklin County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Franklin County, Kentucky

Local government entities set tax rates, which can vary widely within a state. This variation occurs because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Below, you can compare Franklin County's effective property tax rate to other counties in Kentucky or the U.S. median property tax rate. Franklin County has a median property tax rate of 1.20%, which is slightly above the national median property tax rate of 1.02%. This rate translates into a higher property tax bill compared to the national median of $2,400. In Bagdad, the highest and lowest median tax rate within Franklin County is 1.20%, indicating uniformity across the region. Understanding these differences can help property owners anticipate their tax responsibilities and potentially seek appeals or exemptions where applicable.

Property Tax Rates Across Franklin County, Kentucky

Source: Ownwell

1.20%

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 County Tax Rate

1.20%

Median Effective Kentucky Tax Rate

1.02%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Franklin County, Kentucky

City	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
Bagdad	0.51%	0.79%	1.20%	1.20%	1.20%
Frankfort	0.47%	0.83%	1.20%	1.20%	1.20%
Midway	0.74%	0.93%	1.20%	1.20%	1.20%
Stamping Ground	0.86%	1.19%	1.20%	1.20%	1.20%
Waddy	0.77%	0.91%	1.20%	1.20%	1.20%
Lawrenceburg	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Franklin County, Kentucky

When examining property taxes in Franklin County, 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 Franklin County Property Valuation Administrator 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.

Assessment notices:

In Franklin 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 County.

For example, the median tax bill in Franklin County is $1,357, with tax bills ranging significantly across the county. Waddy has the highest median home price at $184,776.

Property Tax Assessment Values Across Franklin County, Kentucky

Source: Ownwell

$92,208

$138,492

$184,776

Median Franklin County Market Value

$129,000

Median Kentucky Market Value

$110,000

Median United States Market Value

$235,294

Property Tax Assessment Values Across Franklin County, Kentucky

City	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
Bagdad	$34,050	$65,898	$92,208	$136,587	$187,084
Frankfort	$55,812	$93,000	$129,000	$177,000	$255,000
Midway	$21,800	$107,500	$182,500	$299,697	$426,200
Stamping Ground	$18,441	$51,000	$95,000	$162,972	$208,335
Waddy	$93,750	$125,666	$184,776	$260,450	$343,587
Lawrenceburg	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Franklin County, Kentucky

In Franklin County, Kentucky, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Homeowners in Franklin County can expect a median property tax bill that is lower than the national median of $2,400, reflecting the region's generally more affordable housing market. The 25th percentile tax bill is around $790, indicating that a significant portion of homeowners pay less than the national median. Meanwhile, those at the 75th percentile face a tax bill of about $1,924, still below the national median. At the higher end, the 90th percentile tax bill reaches $2,868. In cities like Midway, the highest median tax bill is $2,042, while Bagdad has the lowest at $956. These figures highlight the variation in tax burdens across different areas within Franklin County, directly impacting homeowners' financial obligations.

Property Tax Bills Across Franklin County, Kentucky

Source: Ownwell

$956

$1,499

$2,042

Median Franklin County Tax Bill

$1,314

Median Kentucky Tax Bill

$1,031

Median United States Tax Bill

$2,400

Property Tax Bills Across Franklin County, Kentucky

City	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
Bagdad	$276	$478	$956	$1,525	$2,188
Frankfort	$362	$796	$1,314	$1,914	$2,868
Midway	$498	$927	$2,042	$3,522	$5,115
Stamping Ground	$190	$595	$956	$1,930	$2,425
Waddy	$734	$1,334	$1,836	$2,728	$4,107
Lawrenceburg	N/A	N/A	N/A	N/A	N/A

Source: Ownwell