During its annual budget retreat, the town of Franklin presented a budget reflecting a one cent tax increase for the coming year.
Due to the property tax revaluation in Macon County this year, the town's property value declined by $7,281,676 in assessed value, equating to a 1.014 percent reduction. Factoring in the new tax base, the town would need to increase the current tax rate of .27 to .2727 to maintain a revenue neutral budget.
Since 2007, the town of Franklin's tax base has grown on average by 2.07 percent. In applying a growth factor to the town's current tax rate of .2727, to produce a revenue neutral tax rate, the town would need to increase the rate to .2784 cents per $100 valuation.