has an average property tax rate of 0.85%, which is below the state average of 0.91%. Since the typical homeowner in the county pays $1,249 every year in property taxes, even a little bit of savings can go a long way.

All homeowners know that property taxes are a significant financial consideration when buying a property. There are many factors that change your tax bill, including the cost of your house and property, your location, and the ever-changing market conditions of your area.

So to help break down and explain property taxes in Franklin County, the home and

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Property tax 101

Private property owners are required by state law to pay an annual tax for the buildings and land they own, which is called either property tax or real estate tax. Just like income taxes, property taxes are due every year and vary based on different factors unique to each homeowner.

But not everyone pays the same amount of property tax. For example, government buildings such as public schools, firehouses, and religious institutions may not have to pay taxes under state and federal law.

Rates can vary even inside counties depending upon the tax zones you live in. It’s a good idea to know ahead of time what rates you may be subject to and how property tax works in your area.

MORE:

Is car insurance tax deductible?

What is the property tax rate in Franklin County?

Franklin County residents on average pay a 0.85% property tax rate. Based on the median home value in the county, the typical homeowner pays $1,249 a year in property taxes. With a Missouri state average of 0.91%, you can expect to pay fewer taxes than the average Missourian.

If you’re interested in getting a more in-depth view of how taxes work across Missouri, a great resource is the

Missouri Department of Revenue

, which offers information about tax usage and policies across the state.

How Franklin County property taxes are determined

Every person who owns property from January1 is subject to a property tax, according to Missouri state law.

If you own property in Missouri, here are the two most important numbers you need to know: the assessed valueof the taxable property, and the local tax rate assigned to your property.

Here are the steps to figure out your taxable property amount. First, a local assessor will assign a fair market value to your home and property, which is basically what your property would sell for on the open market at that moment. Missouri also considers things like cars and farm machinery when determining your property tax bill.

However, Missouri only taxes property at a reduced proportion of their actual worth. Here’s how much of a discount you can expect as a portion of their value:

Residential real estate (19%)

Agricultural real estate (12%)

Commercial real estate (32%)

Residential building (19%)

Farm Machinery (12%)

Cars (33.3%)

Historic Cars (5%)

Crops (0.5%)

To figure out your local tax rate, use

this tool

from the Franklin County Assessor’s office which allows you to search your property with either your address or parcel number (which is found on your tax bill).

What do Franklin County property taxes pay for?

Property taxes are collected countywide and are used to pay for many of the public services the community relies on. Here’s what your property taxes pay for:

Schools and education programs

Teachers

Law enforcement (like Fire and EMS departments)

Public parks

Libraries

Road maintenance

Sewage

Public health department

MORE:

How to deduct a car accident from your taxes

How to pay property taxes in Franklin County

Franklin County taxes are due on December 31 for taxes assessed on a property on January 1 of that year.

Here’s some good news if you plan to move to Franklin County. If you purchase your home any time after January 1, you do not owe property taxes that year. Instead, your home will be assessed the upcoming January 1 and you will not owe property taxes until the end of that year.

Franklin County offers several methods by which residents may pay their property tax:

Online: You can pay with a debit card, credit card, or eCheck through the county payment portal

located here

. Note that some methods of payment may incur an additional fee.

Franklin County App: The County has also created a mobile

app

that allows residents to view their property tax, pay fees, and view their bills from their phone at any time.

MORE:

Missouri auto insurance laws and minimum requirements

How to save money on homeowners and car insurance in Missouri

Taking the time to go through your property tax forms, and learning the specific rules for your state can be a pretty tedious process.

Filling out insurance forms can be much of the same. Luckily,

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FAQs

When are property taxes due in Franklin County?

Franklin County property taxes are due on December 31.

Are property taxes high in Franklin County?

No—compared to the rest of Missouri, residents of Franklin County generally have lower property tax rates. Franklin County tax rates sit at about 0.85%, while the state average is around 0.91%.

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