Revaluation and tax increases a game changer.
The town of Franklin approved its 2015-16 budget Monday, which includes a one percent tax increase for town residents. In addition to the tax increase, the town of Franklin also approved a 5 percent water and sewer rate increase, and pending county approval, potentially approved a 9/10 of a cent fire tax increase for homes within the service area of Franklin Fire & Rescue. Those increases, paired with an increase on the county end in order to maintain a revenue neutral budget in the coming fiscal year, may cause some sticker shock for town residents.
Town of Franklin one cent tax increase
On the town level, a homeowner with an assessed property value of $75,000 will go from paying $202.50 in 2014 with a tax rate of .27, to paying $210 in 2015 with the tax rate of .28, an increase of $7.50.