46131 Property Tax Rate

Property owners in ZIP code 46131 (Franklin, Indiana) pay a median of $1,720/year in property taxes on homes valued at $227,800. This translates to an effective tax rate of 0.76%, which is 9% above the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 46131 is approximately $143, which factors into escrow payments on mortgages. This ZIP code is located within Johnson County. This is $469 more than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 46131 has lower property taxes. ZIP codes with similar effective rates include 47025 (0.76%) and 47860 (0.76%).

In Franklin, property taxes represent approximately 2.1% of the median household income of $81,914, providing context for the relative tax burden on homeowners in this area.

Indiana reassesses at market value upon sale with no annual growth cap for new owners. Johnson County homeowners qualify for the Homestead Property Tax Deduction — file Form 136 with the Johnson County Assessor to reduce assessed value on your primary residence. File your deduction claim with the Johnson County Assessor before the tax year deadline and request your Notice of Assessment to verify the reassessment reflects the purchase price.