PROPERTY VALUES FOR FRANKLIN COUNTY WILL BE INCREASING
The increase will include all classes of property – residential, agricultural and commercial.
Reassessment is the review of all the property in the county to ensure the assessments are uniform and equitable. The Assessor updates the assessments in the county to equalize values among the taxpayers and adjusts value to reflect current market conditions.
Tax rates are governed by the taxing entities; if they roll their rates back the impact of higher assessments may not be felt.
Some aspects of the property tax system are confusing to many taxpayers. It is important that all taxpayers affected by property taxes and by reassessment understand the process and how it may affect them. The value on a property should reflect how it would sell on the market as of January 1st .