The City of Franklin and Southampton County offers some of the most competitive tax rates in the Commonwealth of Virginia. Below is a list of the City of Franklin and Southampton County's tax rates.
City of Franklin Tax Rates
Real Estate
| Nominal tax rate per $100 of assessed valuation - | $0.77 |
| Assessment ratio (percent of fair market value taxable) - | 100% |
Machinery & Tools Tax
| Nominal tax rate per $100 of assessed valuation - | $ 2.00 |
| Value used for tax purposes - | Original Cost |
| Assessment ratio (in years) | |
| Year 1 + | 30% |
Automobiles & Trucks (less than 2 tons)
| Nominal tax rate per $100 of assessed valuation - | $4.50 |
| Value used for tax purposes - | Average Trade-In |
| Assessment Ratio - |
100.00% |
Electric Utility Tax
|
$2.00 + $0.015/kWh on first 3,700kWh, $0.0055/kWh on excess ($165 max) |
Tax rate is for monthly bills.
Water Utility Tax
| 16.5% on first $1,000 ($165 max) |
Tax rate is for monthly bills.
Southampton County Tax Rates
Real Estate
| Nominal tax rate per $100 of assessed valuation - | $0.76 |
| Assessment ratio (percent of fair market value taxable) - | 100% |
Machinery & Tools Tax
| Nominal tax rate per $100 of assessed valuation - | $ 2.40 |
| Value used for tax purposes - |
Original Cost |
| Assessment ratio (in years) Year 1 80% Year 2 70% Year 3 60% Year 4 50% Year 5 40% Year 6 30% Year 7 20% Year 8+ 10% |
Automobiles & Trucks (less than 2 tons)
| Nominal tax rate per $100 of assessed valuation - | $5.00 |
| Value used for tax purposes - | Average Loan |
| Assessment Ratio - | 100.00% |
Electric Utility Tax
| $2.29 + $0.015199/kWh on first 3,219 kWh |
|
| $0.000365/kWh on excess ($1,500 max) |
Tax rate is for monthly bills.
