Franklin, Isle Of Wight County, Virginia Property Taxes
Property Taxes in Franklin, Virginia
Median Franklin, Virginia effective property tax rate: 0.73%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Franklin, Virginia home value: $162,500
Median annual Franklin, Virginia tax bill: $1,186, lower than the national median property tax bill of $2,400.
How are property taxes in Isle of Wight calculated?
Property taxes in Franklin, Virginia are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Franklin's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Franklin, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Franklin, Isle Of Wight County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.73%
Estimate Property Tax Bill
$1,186
$1,101
How Does the Franklin Property Tax Calculator Work?
Use this Franklin property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Franklin's median effective tax rate of 0.73% — based on actual property records in Isle of Wight County — to generate your estimate.
Enter your property's estimated assessed value — the figure used to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Franklin's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Franklin's median property tax bill is $1,186, which is lower than Virginia's $2,400 national median property tax bill by $1,214. The city's 0.73% median effective tax rate is also lower than Virginia's 0.90% state median tax rate.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Franklin.
About Franklin Property Taxes
About Property Taxes in Franklin, Isle of Wight, Virginia
Franklin's median effective property tax rate of 0.73% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Isle of Wight County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Franklin. Homeowners in the 23851 ZIP code carry a median effective rate of 0.73%, while those in 23851 pay 0.73%. This spread — 0.00 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Isle of Wight County. Understanding which part of Franklin you live in can make a meaningful difference to your annual tax bill.
Franklin homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Franklin, Isle Of Wight County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Franklin's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Franklin Tax Rate
0.73%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Isle Of Wight County Tax Rate
0.73%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Franklin, Isle Of Wight County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23851 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Franklin, Isle Of Wight County, Virginia
When examining property taxes in Franklin, Virginia, understanding the distinction between "market value" and "assessed value" is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Isle of Wight County estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Isle of Wight County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month when notices are sent.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Franklin.
For example, the median home price in Franklin is $162,500, with tax bills ranging significantly across the county. 23851 has the highest median home price at $162,500.
Property Tax Assessment Values Across Franklin, Isle Of Wight County, Virginia
Source: Ownwell
$162,500
$266,850
$371,200
Median Franklin Market Value
$162,500
Median Isle Of Wight County Market Value
$333,650
Median Virginia Market Value
$323,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Franklin, Isle Of Wight County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23851 | $44,840 | $77,500 | $162,500 | $254,400 | $411,940 |
Source: Ownwell
Property Tax Bills Across Franklin, Isle Of Wight County, Virginia
How are property tax bills calculated in Franklin?
Property tax bills in Franklin are based on the assessed value of a home and the local tax rate set for Isle of Wight County. The bill is determined by multiplying the assessed market value by the applicable tax rate, so homes with higher values generally face larger tax bills. Factors such as location, property characteristics, and local assessment practices can all influence the final amount.
For homeowners, this means a property tax bill can vary widely even among similar homes. In Franklin, the median home price is $162,500, while the median property tax bill is $1,186 in zip code 23851. That figure is below the national median property tax bill of $2,400 and also lower than the national median property tax rate of 1.02%. Bills in the area can range from $566 at the 25th percentile to $3,007 at the 90th percentile, showing how much taxes can differ from one homeowner to another.
Median Franklin Tax Bill
$1,186
Median Isle Of Wight County Tax Bill
$2,431
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$2,400
Property Tax Bills Across Franklin, Isle Of Wight County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23851 | $327 | $566 | $1,186 | $1,857 | $3,007 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| Isle of Wight Tax Assessor | |
| Website | va-isleofwight.publicaccessnow.com |