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Franklin Property Tax Increase Approved By City Leaders

Franklin Property Tax Increase Approved By City Leaders

CREATED Jun 25, 2014
FRANKLIN, Tenn. – Franklin residents will see a property tax increase for the first time in nearly 30 years.

The Board of Mayor and Alderman unanimously approved the hike in a third and final reading on Tuesday night. The 3-cent increase brings the rate to 40 cents per $100 of assessed value. For a $350,000 home, that would be a yearly increase of $105.

The increase is the first for city property owners since 1987, despite tremendous growth in Franklin.

City leaders said they need increased revenue to pay for improvements such as roads, paving and other city-funded projects. Supporters said the increase is needed to keep the city growing at a healthy rate.

Even with the increase, Franklin still has the lowest property tax rate in Williamson County, and the lowest rate in the State of Tennessee for a city larger than 25,000.