Franklin, Sussex County, New Jersey Property Taxes
Median Franklin, NJ effective property tax rate: 4.23%, significantly higher than the national median of 1.02%, but lower than the New Jersey state median of 2.82%.
Median Franklin, NJ home value: $165,950
Median annual Franklin, NJ tax bill: $6,866, $4,466 higher than the national median property tax bill of $2,400.
How are property taxes in Sussex County calculated?
Property taxes in Franklin, NJ 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, Sussex County, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
4.23%
Estimate Property Tax Bill
$7,020
$6,514
Property Tax Rates Across Franklin, Sussex County, New Jersey
Local government entities in Franklin, located in Sussex County, NJ, set property tax rates that can vary significantly within the state. Each year, the county estimates its required budget to provide essential services and divides that by the total value of all taxable property in its jurisdiction. This calculation determines the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the fundamental process followed annually.
Franklin boasts an effective property tax rate of 4.23%, which is notably higher than the national median property tax rate of 1.02%. This rate is consistent across Sussex County, indicating a uniform approach to property taxation within the area. When compared to the national median property tax bill of $2400, property owners in Franklin face a considerably higher tax burden. Understanding these differences can help property owners in Franklin make informed decisions about their property tax appeals and exemptions. By staying informed, property owners can better navigate the complexities of property taxation and potentially reduce their tax liabilities.
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
4.23%
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 Sussex County Tax Rate
3.40%
Median Effective New Jersey Tax Rate
2.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Franklin, Sussex County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07416 | 2.99% | 4.23% | 4.23% | 4.23% | 4.23% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Sussex County, New Jersey
When examining property taxes in Franklin, NJ, 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 Sussex County appraisal district 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 Sussex 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 $165,950, with tax bills ranging significantly across the county. Zip code 07416 has the highest median home price at $165,950.
Property Tax Assessment Values Across Franklin, Sussex County, New Jersey
Source: Ownwell
$156,900
$263,075
$369,250
Median Franklin Market Value
$165,950
Median Sussex County Market Value
$229,300
Median New Jersey Market Value
$282,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Franklin, Sussex County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07416 | $111,210 | $129,850 | $165,950 | $213,600 | $266,690 |
Source: Ownwell
Property Tax Bills Across Franklin, Sussex County, New Jersey
Property tax bills in Franklin, located in Sussex County, NJ, are determined by assessing the property's market value and applying the local tax rate. Homeowners in Franklin face a median tax bill of $6,866, significantly higher than the national median of $2,400. This discrepancy can be attributed to the area's market values and tax rates. Factors influencing these bills include property size, location, and recent sales data. Homeowners may find these taxes burdensome, especially when compared to the national median property tax rate of 1.02%.
To alleviate this financial strain, Ownwell offers valuable services to help homeowners reduce their property tax bills. By leveraging their expertise in property tax appeals and exemptions, Ownwell can identify potential inaccuracies in property assessments and work to correct them. This can lead to substantial savings for homeowners. With Ownwell's assistance, Franklin residents can ensure their property taxes are fair and accurate, ultimately easing their financial burden and providing peace of mind.
Median Franklin Tax Bill
$6,866
Median Sussex County Tax Bill
$7,518
Median New Jersey Tax Bill
$8,227
Median United States Tax Bill
$2,400
Property Tax Bills Across Franklin, Sussex County, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07416 | $4,493 | $5,266 | $6,866 | $8,657 | $10,443 |
Source: Ownwell