FREQUENTLY ASKED QUESTIONS - APPRAISALS
1. How is property valued?
State law requires that County Assessors value all taxable property at 100% of its true and fair market value in terms of money, according to the highest and best use of the property. All real and personal property is subject to tax. Recent sales of comparable property are used to help set values.[Back to top]
2. What is market value?
The amount of money that a willing and unobligated buyer is willing to pay a willing unobligated seller.[Back to top]
3. How often does the county appraise my property?
All taxable property in Franklin County is physically inspected at least once every six years on a cyclical basis. In addition, assessed values are updated county-wide on an annual basis by statistical analysis.[Back to top]
4. If the house next door sells to an out-of-state buyer for much more than it is worth, will it affect my taxes?
Not necessarily, because a single property sale does not establish the market value for surrounding properties.[Back to top]
5. Do I have to let the county appraiser come into my house or onto my property?
No. In fact, it is generally not necessary for an appraiser to view the interior of a home that has been appraised previously. If access is refused, the appraiser must estimate the value of the property using whatever information he or she has available.[Back to top]
6. How do I appeal the assessed value?
File a completed appeal petition with the county Board of Equalization by July 1 of the assessment year or within 30 days of when the change of value notice was mailed. Appeal forms are available from the clerk of the board or the Assessor's office. To appeal a valuation, you must show where the Assessor has erred in the property assessment.[Back to top]
7. Is it possible to make a "ballpark estimate" of how much the taxes will be on a piece of property that I am thinking about buying (or a structure that I might build)?
The average 2022 tax rate in Franklin County is about $8.29 per $1000 of assessed valuation. Rates vary from area to area and from year to year, but multiplying the number of thousands of dollars of price or cost by $8.29 will provide a rough estimate of taxes.[Back to top]
8. Why do property taxes vary throughout the county?
The differences are due to three factors: the varying combination of taxing districts in different areas of the county (schools, fire or water districts, etc.); the size of the budget for each taxing district; the amount of voter-approved special levies and bonds.[Back to top]
9. What is the 101% lid law?
The regular property tax levy of a taxing district is limited to 101% of the highest levy since 1985, plus amounts attributable to new construction within the boundaries of the district or annexations to the district.[Back to top]
10. What is the personal property tax?
Business machinery, equipment, and supplies are fully taxable, and are assessed as personal property. Household goods and personal effects are exempt from the property tax.[Back to top]