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County tax profile · 2026 · Census ACS + IRS data

Property Tax & Income in Franklin County, Virginia

Franklin County has an effective property tax rate of 0.50%. On the median home value of $240,400, that's roughly $1,196 per year. Median household income is $68,849.

Effective Property Tax Rate1
0.50%
median tax $1,196 ÷ median home $240,400
Median Home Value1
$240,400
owner-occupied
Median Household Income1
$68,849
per-capita $39,903
Est. Annual Tax on Median Home1
$1,196
at 0.50% effective rate

What you'll pay, at a glance

Property taxes are the largest local tax most homeowners pay. The effective rate measures the real tax bill as a share of home value — a more useful number than the nominal “mill rate,” because assessment practices vary county to county.

MetricFranklin CountyVirginia (state context)
Effective property tax rate10.50%0.60%
Median home value1$240,400—
State income tax3top rate 5.75%top rate 5.75%
State sales tax35.77% combined5.77% combined

How this is calculated

The effective property tax rate is the median real-estate tax bill divided by the median home value — both for owner-occupied homes, from the U.S. Census Bureau's American Community Survey (ACS 5-year estimates)1. Median income is also from the ACS1. Federal and state income-tax figures use IRS2 and Tax Foundation3 data.

About Franklin County, VA

Franklin County’s effective property tax rate of 0.498% sits below Virginia’s statewide median of 0.601%, and it also comes in under the national median of 0.794%. Among the state’s 133 counties, this one ranks 110th by rate, placing it nearer the lower end. A median home value of $240,400 yields a median annual real-estate tax bill of about $1,196. Households here earn a median of $68,849, with per-capita income at $39,903. The county includes Boones Mill, Callaway, and Ferrum. That below-average rate, combined with the gap to both state and national figures, signals a comparatively lighter property tax load than many communities elsewhere in Virginia and across the country.

Frequently asked questions

What is the property tax rate in Franklin County, VA?
The effective rate is 0.50% — meaning the median tax bill equals about 0.50% of the median home value.
How much are property taxes on a median home?
On the median home ($240,400), the estimated annual bill is about $1,196.
Is Franklin County's rate high or low?
Compare it to the state median of 0.60% and the national average near 1.1%.
How does the effective rate differ from my mill rate?
A mill rate is the nominal levy per $1,000 of assessed value. The effective rate reflects what you actually pay after exemptions and assessments — it's the median tax bill as a share of median home value, so it better predicts your real cost.
Will a reassessment raise my tax bill?
Not necessarily. If your home's assessed value rises, your bill can go up, but only if the mill rate and exemptions stay flat. Contact the Franklin County assessor's office to review your current assessment.
Can I appeal my property tax assessment?
Yes. Most counties allow an appeal when you believe the assessed value exceeds the market value. File with the Franklin County assessor within the local deadline, typically with comparable sales as evidence.
Sources
[1] U.S. Census Bureau — ACS 5-Year (2023) — Median home value (B25077), median real-estate taxes (B25103), median household income (B19013), per-capita income (B19301).
[2] IRS — Statistics of Income — County income, AGI, and real-estate taxes paid.
[3] Tax Foundation — State income, sales, corporate, and estate/inheritance tax rates.