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Updated 2025 Tax Year

Franklin County
Property Tax Guide

Everything you need to know about property taxes in Franklin County, IA. Rates, due dates, exemptions, and how it affects your monthly payment.

10 Official Sources
8 min read
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Quick Facts
Tax Rate
Varies by taxing district combination - typically ranges from $25-35 per $1,000 assessed value
1st Due
Sep 30
2nd Due
Mar 31
Exemptions
4+ Available
Section 1

How Property Tax Works

Franklin County, Iowa operates under the state's property tax system to fund essential local services including schools, county government operations, emergency services, and infrastructure maintenance. Property taxes are the primary revenue source for these critical community services, with tax rates determined annually by the county auditor based on budgets submitted by various local taxing authorities.

Property tax rates in Franklin County vary by location within the county due to different combinations of special taxing districts, including school districts, cities, rural fire districts, and other local authorities. The effective tax rate is applied to your property's assessed value after any applicable tax credits are deducted. Assessment values are established by the county assessor as of January 1st each year, with the county auditor calculating levy rates based on approved budgets from all applicable taxing jurisdictions.

While Iowa's statewide average property tax rate is approximately 1%, actual rates in Franklin County depend on your specific location and which taxing districts serve your property. Rates can vary significantly between rural areas, incorporated cities, and different school district boundaries within the county.

Section 2

What Makes Up Your Tax Bill

The FY 2025 consolidated tax rates for Franklin County are still being finalized by county supervisors based on approved local budgets. Tax rates are expressed per $1,000 of taxable assessed value.

ComponentRate RangeDescription
County GeneralVariesBasic county services, sheriff, courts, roads
School DistrictVariesLocal school district operations and bonds
City/MunicipalityVariesCity services (applies only within city limits)
Rural ServicesVariesRural fire, ambulance (applies outside cities)
Agricultural ExtensionVariesCounty extension services
Special AssessmentsVariesLocal improvement districts, drainage

Note: Exact rates for FY 2025 will be set by county supervisors after all local budgets are approved. Rates vary significantly based on your property's location within Franklin County and which combination of taxing districts serve your area. Contact the Franklin County Auditor's office for current rates applicable to your specific property location.

Section 3

When Are Property Taxes Due?

For the 2025/2026 tax year in Franklin County, property taxes are due in two installments:

First Installment
Sep 30
Delinquent after Dec 10
Second Installment
Mar 31
Delinquent after Apr 10
Pro tip: If you pay through mortgage escrow, your lender splits these payments across your monthly mortgage. If you pay directly, set calendar reminders to avoid late penalties.
Section 4

Supplemental Tax Bills

Supplemental taxes in Franklin County are additional property tax assessments that occur when there are changes to a property's assessed value during the current tax year. These typically arise from new construction, property improvements, ownership changes that trigger reassessment, or corrections to the original assessment.

When a supplemental assessment is issued, it covers the period from when the change became effective through the end of the current fiscal year. The tax is calculated by applying the current year's tax rate to the difference between the new assessed value and the original assessed value, then prorated for the remaining months in the fiscal year.

For example, if you complete a $50,000 home addition in July and it increases your assessed value by $40,000, you would receive a supplemental tax bill. If your total tax rate is $35 per $1,000 of assessed value, the additional annual tax would be $1,400 ($40,000 ÷ $1,000 × $35). Since the improvement was completed in July with 9 months remaining in the fiscal year, your supplemental bill would be approximately $1,050 ($1,400 × 9/12 months).

Example Calculation

The following examples show estimated property tax calculations for Franklin County properties. Actual taxes depend on your specific location and applicable taxing districts. All credits require separate applications and are not automatic.

$300,000 Home Example:

  • Assessed Value: $300,000
  • Less: Homestead Credit (if qualified): -$4,850
  • Net Taxable Value: $295,150
  • Estimated Tax Rate: $35.00 per $1,000
  • Annual Property Tax: $10,330
  • Monthly Escrow: $861

$600,000 Home Example:

  • Assessed Value: $600,000
  • Less: Homestead Credit (if qualified): -$4,850
  • Less: Senior Homestead Exemption (if qualified): -$3,250
  • Net Taxable Value: $591,900
  • Estimated Tax Rate: $35.00 per $1,000
  • Annual Property Tax: $20,717
  • Monthly Escrow: $1,726

$1,000,000 Home Example:

  • Assessed Value: $1,000,000
  • Less: Homestead Credit (if qualified): -$4,850
  • Net Taxable Value: $995,150
  • Estimated Tax Rate: $35.00 per $1,000
  • Annual Property Tax: $34,830
  • Monthly Escrow: $2,903

Note: Tax credits shown require annual application and eligibility verification. Homestead credit caps assessment increases but doesn't reduce market value. Rates are estimates and vary by taxing district location.

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Section 5

Escrow & Property Taxes

Most mortgage lenders in Franklin County require borrowers to maintain an escrow account for property tax payments, especially when the loan-to-value ratio exceeds 80%. Your lender collects monthly escrow payments along with your mortgage payment and pays your property taxes directly to Franklin County when they become due.

Franklin County property taxes are due in two installments: September 30th and March 31st. Your lender will typically pay the September installment from your escrow account, then pay the March installment from funds collected throughout the year. Lenders must provide an annual escrow analysis showing how your payments were used and any adjustments needed for the coming year.

If your property taxes increase due to reassessment or rate changes, your lender may create an escrow shortage that requires either a lump-sum payment or increased monthly payments. You can verify that your lender has paid your taxes correctly by checking with the Franklin County Treasurer's office or accessing your account online. Property owners remain ultimately responsible for ensuring taxes are paid on time, even when using escrow services.

How HonestCasa Helps
  • Understand whether your escrow is set correctly
  • See how rising taxes will change your monthly payment
  • Plan ahead instead of being surprised by "shortage" letters
Section 6

Frequently Asked Questions

Q: When are property taxes due in Franklin County? A: Property taxes for FY 2025 are due in two equal installments: September 30, 2024, and March 31, 2025. Payments are considered late if received after the due date.

Q: What tax credits are available and do they apply automatically? A: Tax credits available include the Homestead Credit, Senior Homestead Exemption (age 65+), Disabled Veteran Credit, and Agricultural Land Credit. None are automatic - all require separate applications filed with the Franklin County Assessor's office, typically by February 1st annually.

Q: How does the Homestead Credit work? A: The Homestead Credit caps your property assessment increases to limit year-over-year tax growth, but doesn't reduce your property's market value. You must file an application with the county assessor and meet residency requirements. This is a tax credit that reduces your final tax bill, not an exemption from assessed value.

Q: When does the county reassess properties? A: Franklin County conducts property assessments annually with values effective January 1st. Assessment notices are mailed to property owners by April 1st. You have until April 30th to file a protest with the Board of Review if you disagree with your assessment.

Q: What happens if I pay my property taxes late? A: Late payments incur penalties and interest charges. The specific penalty structure is set by Iowa state law and administered by the Franklin County Treasurer's office. Contact the Treasurer for current penalty rates and payment options.

Q: Can I pay my property taxes online? A: Contact the Franklin County Treasurer's office to inquire about online payment options and accepted payment methods. Many Iowa counties offer online payment systems for taxpayer convenience.

Q: How do special district taxes work? A: Your property tax bill includes levies from all applicable taxing authorities serving your location, such as school districts, city government (if within city limits), rural fire districts, and county services. The combination varies based on your property's specific location within Franklin County.

Q: What if I disagree with my property assessment? A: You can request an informal review with the assessor between April 2-25, or file a formal protest with the Board of Review by April 30th. The Board of Review meets starting May 1st each year to hear assessment appeals.

Verified Sources

Backed by 10 Official Government Sources

Every fact in this guide is sourced from official county, state, and federal documents.

01
$34.29legis.iowa.gov
02
Tax Doc
About Your Taxesfranklincountyia.gov
03
Tax Doc
Iowa Property Tax Overview | Department of Revenuerevenue.iowa.gov
04
Important Datesfranklincountyia.gov
05
County
Franklin County, IAfranklincountyia.gov
06
Tax Doc
How Do I Pay Property Taxes?iowa.gov
07
Press Release - Homestead Law Changefranklincountyia.gov
08
in the court of appeals of iowaiowacourts.gov
09
Home Government Assessor Credits and Exemptionsfranklincountyia.gov
10
resolution 2023-42 - authorizing corrective transferfranklincountyia.gov
All sources verified as of 2025 Tax Year

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