If you plan to buy or sell in Franklin, understanding how property taxes work can make your decisions much easier. You want clear numbers, realistic estimates, and no surprises at closing. This guide breaks down how values are set, how bills are calculated, when to pay, what to do if you disagree with an appraisal, and what relief might apply to you. Let’s dive in.
Property tax basics in Franklin
Tennessee property taxes are local. In Franklin, you may owe both Williamson County taxes and a City of Franklin tax if the home is inside city limits. Some areas also have special district levies that depend on the property location. Local rates change each year, so always check the current year before you calculate.
Tennessee uses an assessment ratio. For most residential property, the assessed value equals 25% of the appraised market value. Your bill applies the local tax rates (set per $100 of assessed value) to that assessed value. For current rules and official resources, start with the Williamson County government site and the City of Franklin official site.
How values are set
The county Assessor estimates your home’s fair market value using comparable sales, permits, condition, and lot details. That appraised value is then multiplied by the 25% assessment ratio to get the assessed value. When your value changes, the Assessor typically issues a notice.
Counties conduct periodic reappraisals or market updates to reflect current market conditions. Schedules follow state standards, so verify the latest cycle on the county Assessor’s pages. For statewide guidance on reappraisal standards, review the Tennessee Comptroller of the Treasury.
Calculating your bill
Here is the basic flow to estimate your bill:
- Step 1: Find your appraised market value from the Assessor.
- Step 2: Multiply by 25% to get assessed value for most residential property.
- Step 3: Apply local rates (dollars per $100 of assessed value) for county, city, and any special district.
The math looks like this: Annual tax = Assessed value × (Combined rate / 100). Rates are set each year during the budget process, so confirm current year figures on the Williamson County site.
Illustrative examples only
These examples are simplified to show the method. Always check current rates before relying on a number.
- In-city Franklin home (illustrative): Appraised value $600,000 → assessed value $150,000 (25%). If the combined rate were $3.50 per $100, annual tax would be $150,000 × 0.035 = $5,250.
- Unincorporated county home (illustrative): Appraised value $425,000 → assessed value $106,250. If the combined rate were $3.00 per $100, annual tax would be $106,250 × 0.03 = $3,187.50.
What appears on your bill
Your bill may include:
- Williamson County government levy
- Local school portion (Williamson County Schools)
- City of Franklin levy if inside city limits
- Special district levies based on property location
Each component uses the assessed value and its adopted rate for the year. City participation and special districts can affect what you see on your statement, so review your parcel details on county tools available via the Williamson County site.
Paying your taxes
The County Trustee issues bills and collects payments for county taxes and many local levies. Cities may bill separately. Billing dates, due dates, and late penalties are set locally, so confirm the current calendar on the Williamson County Trustee pages.
Payment options commonly include online payment, mail, or in-person payment. If you have a mortgage escrow, your servicer may pay the bill for you. Always confirm with your lender to prevent missed or duplicate payments.
Reviews and appeals
If you believe your appraised value is too high, start with an informal review with the Assessor to check data like square footage, condition, or recent sales. If you still disagree, you can file a formal appeal with the local Board of Equalization within the published deadlines. Useful evidence includes recent comparable sales, appraisal reports, photographs, and corrected property records.
If needed, some cases can escalate to state-level review bodies under defined rules. For process details, timelines, and forms, begin with the Williamson County site and the Tennessee Comptroller.
Exemptions and relief to check
Tennessee offers targeted programs that may reduce your bill if you qualify. These can include relief or exemptions for elderly or disabled homeowners, disabled veterans, or qualifying agricultural property. Tennessee does not have a universal statewide homestead exemption that applies to all homeowners.
Eligibility, application steps, and deadlines vary. Review statewide guidance through the Tennessee Department of Revenue and the Tennessee Comptroller, and confirm local procedures with the county.
Taxes at closing
Property taxes are usually prorated between the buyer and seller based on the number of days each owns the home during the tax year. If the current year bill is not issued yet, prorations often use the prior year’s taxes or an estimate. Unpaid taxes become a lien, and closing typically requires them to be paid or escrowed for clear title.
If you are financing, your lender may set up a tax escrow at closing. Ask your title company and lender how tax bills will be handled so everyone is aligned.
Illustrative proration example
If you close on June 30, the seller typically pays January 1 through June 30 and you pay July 1 through December 31. The settlement statement shows per-day credits and debits based on the annual tax used for the proration.
Rising values and your bill
Franklin and Williamson County have seen strong growth and rising values in recent years. Even if rates stay steady, higher appraised values can increase your bill. Annexations, new construction, and budget decisions can also change the tax picture. Check your current assessed value and the latest adopted rates each year using county and city resources.
Quick checklist for homeowners and buyers
- Look up your current appraised value and prior bills using county tools on the Williamson County site.
- Confirm whether the property is inside Franklin city limits on the City of Franklin site.
- Calculate your estimate using the 25% assessment ratio and the current adopted rates.
- Note billing and payment deadlines, and confirm if your mortgage escrow will pay the bill.
- If you disagree with your value, request an informal review before the appeal deadline.
- Explore exemptions or relief with the Tennessee Department of Revenue and the Tennessee Comptroller.
When you want local, personal guidance on how taxes may affect your purchase, sale, or timing, reach out. You will get direct, confidential support from Donna Walsh eXp Luxury to plan your next move with clarity.
FAQs
How are property values assessed in Williamson County?
- The Assessor estimates fair market value using sales and property data, then applies a 25% assessment ratio to calculate the taxable assessed value.
Do Franklin city residents pay city and county taxes?
- Yes. If your property lies within Franklin city limits, you typically owe both City of Franklin and Williamson County property taxes, plus any applicable special districts.
How do I estimate my tax bill in Franklin?
- Multiply your appraised value by 25% to get assessed value, then apply the current combined rate per $100 of assessed value. Confirm rates on the county and city sites.
When are property taxes due in Williamson County?
- Billing dates, due dates, and penalties are set locally and can change. Check the current calendar on the Williamson County Trustee pages for exact deadlines.
What relief programs are available in Tennessee?
- Tennessee offers targeted relief and exemptions, including options for elderly or disabled homeowners, disabled veterans, and qualifying agricultural property. Review details with the Department of Revenue.
How are property taxes handled at closing in Tennessee?
- Taxes are usually prorated between buyer and seller based on days of ownership. If no current bill exists, prorations often use last year’s tax or a reasonable estimate.
