Homestead Exemption For Nc In Franklin
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The Homestead Exemption program assists senior and disabled citizens in Franklin County by providing tax savings on the real estate or manufactured home taxes.
To apply, complete and submit FORM AV9 and required income statements with the tax office by June 1. For disabled applicants, you must also complete FORM AV9-A signed by a physician licensed to practice medicine in North Carolina.
The median property tax rate in Franklin, NC is 0.38%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value in Franklin, the typical annual property tax bill is $809, well below the national median of $2,690.
North Carolina defers a portion of the property taxes on the appraised value of a permanent residence owned and occupied by a North Carolina resident who has owned and occupied the property at least five years, is at least 65 years of age or is totally and permanently disabled, and whose income does not exceed $56,850.
“What are the benefits?” The Homestead Exclusion allows you exemption of $25,000 or 50% of your home's value (whichever provides the most benefit). This only applies to your primary residence and is limited to 1 acre or less.
North Carolina excludes from property taxes a portion of the appraised value of a permanent residence owned and occupied by North Carolina residents aged 65 or older or totally and permanently disabled whose 2024 income does not exceed $37,900 annually.
The Homestead Exemption program assists senior and disabled citizens in Franklin County by providing tax savings on the real estate or manufactured home taxes.
North Carolina Property Tax Rates CountyMedian Home ValueAverage Effective Property Tax Rate Franklin County $161,500 0.96% Gaston County $156,800 1.10% Gates County $142,400 0.73% Graham County $119,000 0.62%81 more rows
