Franklin, Southampton County, Virginia Property Taxes
Median Franklin, VA effective property tax rate: 0.89%, significantly lower than the national median of 1.02%, but equal to the Virginia state median of 0.89%.
Median Franklin, VA home value: $152,950
Median annual Franklin, VA tax bill: $1,337, $1,063 lower than the national median property tax bill of $2,400.
How are property taxes in Southampton calculated?
Property taxes in Franklin, VA 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, Southampton County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.71%
Estimate Property Tax Bill
$1,791
$1,662
Ownwell’s Franklin Property Tax Bill Calculator empowers 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, our calculator applies Franklin’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 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 Southampton.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Franklin, Southampton County, Virginia
Local government entities determine property tax rates, leading to significant variations within {statename}. Each year, counties like {countyname} calculate their required budget for services and divide this by the total assessed value of all taxable properties in their jurisdiction. This process establishes the property tax rate. Although votes and regulations play a role in setting these rates and budgets, this is the essential annual procedure.
Comparing {cityname}’s effective property tax rate to other cities in {statename} reveals interesting insights. With a median property tax rate of 0.89%, {cityname} stands out in {statename}. This rate is below the national median property tax rate of 1.02%, offering potential savings for property owners in {city_name}. The consistency of the rate across the highest and lowest median tax rates in the area suggests stability for homeowners. Understanding these dynamics can guide property owners in financial planning and property investment decisions.
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
0.71%
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 Southampton County Tax Rate
0.71%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Franklin, Southampton County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23851 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Southampton County, Virginia
When examining property taxes in Franklin, VA, 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 Southampton 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 Southampton County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of the season. 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 $152,950, with tax bills ranging significantly across the county. Zip code 23851 has the highest median home price at $152,950.
Property Tax Assessment Values Across Franklin, Southampton County, Virginia
Source: Ownwell
$148,200
$229,025
$309,850
Median Franklin Market Value
$252,200
Median Southampton County Market Value
$221,200
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Franklin, Southampton County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23851 | $110,620 | $168,000 | $252,200 | $354,750 | $439,760 |
Source: Ownwell
Property Tax Bills Across Franklin, Southampton County, Virginia
Median Franklin Tax Bill
$1,762
Median Southampton County Tax Bill
$1,561
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Franklin, Southampton County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23851 | $771 | $1,179 | $1,762 | $2,498 | $3,108 |
Source: Ownwell