What You’ll Pay in Property Taxes in Franklin
As a homeowner in Franklin, TN, it’s important to understand the property tax rates you can expect to pay. Property taxes in Franklin are generally in line with the state average, typically falling between 0.8%–1.2% annually. The exact rate will depend on your home’s assessed value and location within the city.
For example, if you own a home valued at $400,000 in Franklin, with a property tax rate of 1%, you would owe approximately $4,000 per year in property taxes. Keep in mind that property tax rates can fluctuate slightly from year to year based on city and county budgets.
It’s crucial to factor in property taxes when budgeting for your mortgage and overall housing costs in Franklin. The typical property tax rate in Franklin is around 0.95%, which is slightly lower than the national average but still a significant expense for homeowners.
How HOA Fees Work in Franklin
In addition to property taxes, many neighborhoods in Franklin have Homeowners Associations (HOAs) that charge monthly or annual fees. These HOA fees cover various services and amenities for the community, such as:
- Trash collection
- Landscaping and common area maintenance
- Community pool access
- Security or neighborhood patrols
- Clubhouse usage
HOA fees in Franklin can vary widely depending on the neighborhood and the amenities provided. Some communities may have minimal fees that only cover basic services, while others may have higher fees for luxury amenities like tennis courts, fitness centers, or gated security.
When considering a home purchase in Franklin, it’s important to review the HOA bylaws and budget to understand what’s included in the fees and any potential restrictions or rules you’ll need to follow as a homeowner. Some HOAs may have strict guidelines on exterior home colors, landscaping, parking, or pet ownership.
Typical Monthly HOA Costs
So what can you expect to pay in HOA fees as a homeowner in Franklin? Typical HOA fees range from $70 to $200 per month, but luxury communities with extensive amenities could charge $300 or more.
| Neighborhood Type | Typical Monthly HOA Fee |
|---|---|
| Low-fee neighborhood | $70 – $120 |
| Average suburban HOA | $150 – $250 |
| Luxury/amenity-heavy development | $300+ |
| Example: $295k home with 0.8% property tax + $150 HOA | $345 per month |
🏆 Most cost-effective setup: Neighborhoods with fewer amenities tend to have lower HOA fees, like $70–$120/month. If you don’t plan to use community pools, fitness centers, or other perks, opting for a low-fee neighborhood can help keep your monthly housing costs down.
Hidden or Seasonal Fees to Expect
Beyond the standard monthly HOA fees, there are some hidden or seasonal costs that can catch new homeowners in Franklin off guard:
- Permit fees: If you plan to make any renovations or additions to your home, you may need to pay for permits from the city or HOA.
- Bulk trash surcharges: Some HOAs charge extra fees for disposing of large items like furniture or appliances.
- Irrigation charges: In summer months, irrigation surcharges for homeowners in Franklin can add up to $30/month.
- Special assessments: If the HOA needs to make a large repair or improvement, they may charge a one-time special assessment fee to all homeowners.
It’s a good idea to review the HOA’s financial statements and meeting minutes to get a sense of any potential hidden fees or upcoming projects that could impact your costs as a homeowner.
Are These Costs Worth It?
Given the added expense of HOA fees on top of property taxes and mortgage payments, you may be wondering if it’s worth buying into an HOA community in Franklin. There are pros and cons to consider:
Pros:
- Access to amenities like pools, parks, and fitness centers
- Well-maintained common areas and landscaping
- Enforcement of community standards and aesthetics
- Potential for higher resale value
Cons:
- Added monthly cost on top of mortgage and property taxes
- Restrictions on home improvements, landscaping, and parking
- Potential for rising fees or special assessments
- Less individual control over home exterior and neighborhood decisions
Ultimately, the decision to buy into an HOA community depends on your budget, lifestyle preferences, and long-term homeownership goals. In Franklin, HOA homes often retain higher resale value, especially in communities with premium amenities. However, the added monthly cost may be a strain for some buyers.
FAQs About Property Tax and HOA in Franklin
How much is the average HOA in Franklin?
The average HOA fee in Franklin ranges from $150-$250 per month, but fees can be as low as $70 in neighborhoods with minimal amenities or over $300 in luxury developments.
Can your HOA fees increase?
Yes, HOA fees can increase over time to keep up with inflation, rising maintenance costs, or new projects. It’s important to review the HOA’s financial history and bylaws to understand how fees are set and if there are any caps on annual increases.
Do you pay both property tax and HOA?
Yes, homeowners in Franklin pay both property taxes to the city/county and HOA fees to their neighborhood association. These are separate expenses on top of your mortgage payment.
How do property tax rates compare between neighboring cities?
Property tax rates in the Nashville metro area vary slightly by city and county, but most fall within the 0.6% – 1.2% range. Franklin’s rates tend to be on the lower end compared to Nashville proper.
Is an HOA fee worth it for new homeowners?
It depends on your budget and preferences. HOA fees can provide access to valuable amenities and services, but they also add to your monthly housing costs. Consider your lifestyle and long-term goals to decide if the benefits of an HOA community outweigh the added expense.
Final Cost Insights for Franklin Homeowners
As you budget for homeownership costs in Franklin, remember to factor in both property taxes (typically 0.8% – 1.2% of your home’s value) and HOA fees ($70 – $300+ per month, depending on your neighborhood). While these added costs can feel daunting, they often provide valuable services and amenities that enhance your quality of life and long-term property value.
To get a full picture of your housing costs, take time to review HOA budgets and bylaws, and consider unexpected fees when moving to Franklin. You can also explore detailed breakdowns of what housing really costs in the area.
With careful planning and budgeting, you can find the right balance of costs and benefits in your Franklin home purchase. Don’t hesitate to work with a local real estate agent or financial advisor to crunch the numbers and make an informed decision.