Taxes
| City of Franklin Tax Rates | Southampton County Tax Rates |
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Real Estate Nominal tax rate per $100 of assessed valuation - $1.03 Assessment ratio (percent of fair market value taxable) - 100% |
Real Estate Nominal tax rate per $100 of assessed valuation - $0.89 Assessment ratio (percent of fair market value taxable) - 100% |
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Machinery & Tools Tax Nominal tax rate per $100 of assessed valuation - $2.00 Value used for tax purposes - 30% of Original Cost |
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% |
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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% |
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% |
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Electric Utility Tax $2.00 + $0.015/kWh on first 3,700 kWh $0.0055/kWh on excess ($165 max) Tax rate is for monthly bills. |
Electric Utility Tax $2.29 + $0.015199/kWh on first 3,219 kWh $0.00365/kWh on excess ($1,500 max) Tax rate is for monthly bills. |
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Water Utility Tax 16.5% on first 1,000 ($165 max) Tax rate is for monthly bills. |