Franklin city, Virginia Property Taxes
Census Bureau ACS property tax data for Virginia. Population: 1,809.
The median annual property tax in Franklin city is $1,677, which is 14% lower than the Virginia state average and 13% below the national average. The effective tax rate is 0.74% on a median home value of $227,200. Property taxes represent 2.6% of the median household income in this county.
Median Annual Tax
$1,677
-14% vs State
-13% vs US
Median Home Value
$227,200
-18% vs State
+7% vs US
Effective Tax Rate
0.74%
+10% vs State
-22% vs US
With vs Without Mortgage
With Mortgage
$1,862
$155/mo
Without Mortgage
$1,567
$131/mo
Homeowners with a mortgage typically own higher-valued properties, which can result in higher tax bills.
Property Tax History
| Year | Median Tax | Effective Rate |
|---|---|---|
| 2023 | $1,677 +14.5% | 0.74% |
| 2022 | $1,465 +3.0% | 0.74% |
| 2021 | $1,422 +10.3% | 0.80% |
| 2020 | $1,289 +8.4% | 0.72% |
| 2019 | $1,189 | 0.72% |
Tax Burden
Tax-to-Income Ratio
2.6%
of median household income
Median Income
$65,125
per year
Monthly Tax
$140
per month
Other Counties in Virginia
Madison County
Tax: $1,967/yr Rate: 0.59%
Salem city
Tax: $2,232/yr Rate: 0.91%
Henrico County
Tax: $2,416/yr Rate: 0.72%
Northumberland County
Tax: $1,602/yr Rate: 0.48%
Washington County
Tax: $1,038/yr Rate: 0.51%
Lunenburg County
Tax: $635/yr Rate: 0.44%
Frequently Asked Questions
What is the average property tax in Franklin city, Virginia? ▼
The median annual property tax in Franklin city is $1,677 based on the most recent Census Bureau American Community Survey data. The effective tax rate is 0.74% on a median home value of $227,200.
How does Franklin city property tax compare to the national average? ▼
Property taxes in Franklin city are 13% below the national average of $1,923. The effective rate of 0.74% compares to 0.95% nationally.
Does having a mortgage affect property taxes in Franklin city? ▼
In Franklin city, homeowners with a mortgage pay a median of $1,862 in annual property taxes, while homeowners without a mortgage pay $1,567. This difference often reflects the value of homes rather than different tax rates.
What percentage of income goes to property taxes in Franklin city? ▼
Property taxes in Franklin city represent approximately 2.6% of the median household income of $65,125. The national benchmark is generally 2-4% of household income.
Explore More Data
Data source: U.S. Census Bureau, American Community Survey 5-Year Estimates. Property tax data reflects median amounts paid by homeowners. Effective rates are calculated as median tax divided by median home value.