Franklin County Property Taxes

[Harman N.]

Hey everyone,

I had a few questions about how property taxes work in Franklin County:

1. I know there's a triennial reassessment, but can the taxable values change in between the 3-year periods, like maybe when permits are pulled? 
2. The taxable value is 35% of the assessed market value. But how much does the assessed market value differ from the actual market value? Comparing a few recent sales on the MLS to the 2020 assessed values, it seems like there's a 20-40% discount in the assessed value
3. If there's a sale, does the sale price factor into the assessed value in any way? This is common in some municipalities, but doesn't seem to be the case in Franklin County
4. What does the "non-business credit" apply to: is it whether the property is held in an LLC/corp?
5. Last one -- for property tax abatements, I assume the assessed market value is frozen at the most recent assessed value? 

Thanks!

- Harman

[Matt Von Bargen]

In my experience the assessed and FMVs are quite disconnected however, I would assume they grow the same over a 3-year period (ie the assessed value might remain unchanged for 3 years as FMVs increase, but that growth in year 3 at time of triennial will make up for it). 

Regarding #5, values are not frozen. You are paying tax on the land value while the improvement value is abated during the period. These values will likely increase over time as a result of triennial updates. 

Another important consideration with respect to property taxes in Franklin County is the consequences of a refinance. It is becoming increasingly common that municipalities will find recorded mortgages and use those to back into FMV with an assumed LTV of 70-80% and in turn increase your assessed value.