Franklin — Financial Data

8,212 Population FY 2023

Data comparability note: Virginia independent city — provides county-level services (courts, social services, schools) not included in city budgets elsewhere. Per-capita figures are not directly comparable to cities in other states.

Tax Snapshot (Beta)

Beta: source-backed tax context only. This is not a personalized tax-burden estimate.

Current source-backed tax context for Virginia and Franklin.

Component	Summary	Effective	Coverage	Sources
VA state individual income tax	Virginia individual income tax uses graduated statutory rates of 2%, 3%, 5%, and a top rate of 5.75%.	Code of Virginia 58.1-320 current as of April 8, 2026.	Rate missing	Code of Virginia 58.1-320
VA sales and use tax (state base)	Virginia general sales tax is 5.3% in most localities, with higher combined rates in designated regions and localities.	Current Virginia Tax retail sales and use tax guidance (as accessed April 19, 2026).	Rate missing	Virginia retail sales and use tax
VA property tax policy (local administration)	Virginia personal property and real estate taxes are local taxes administered by cities, counties, and towns.	Current Virginia Tax property-tax guidance (as accessed April 19, 2026).	Needs review	Virginia property tax and real estate tax questions

Community Profile

Census Bureau ACS 5-year estimates

16.7% Poverty Rate 2023

26.4% Bachelor's+ Rate 2023

4.7% Unemployment Rate 2023

53.4% Homeownership Rate 2023

Median Household Income

$65,125 (2023)

2010 2023

Per Capita Income

$31,838 (2023)

2010 2023

Median Home Value

$227,200 (2023)

2010 2023

Median Gross Rent

$995 (2023)

2010 2023

Median Age

40.5 (2023)

2010 2023

Gini Index

0 = perfect equality · 1 = perfect inequality

0.4 (2023)

2010 2023

Financial Documents (13)

Year	Title	Type
2023	Franklin Census ACS 5-Year Estimates 2023	US_CENSUS_ACS5
2022	Franklin Census ACS 5-Year Estimates 2022	US_CENSUS_ACS5
2021	Franklin Census ACS 5-Year Estimates 2021	US_CENSUS_ACS5
2019	Franklin Census ACS 5-Year Estimates 2019	US_CENSUS_ACS5
2018	Franklin Census ACS 5-Year Estimates 2018	US_CENSUS_ACS5

Governance & Structure

Governance Structure

Structure: Not specified
Fiscal Autonomy: Not specified
ICMA Recognition: —
Notes: None

School Details

Not applicable for this entity type.

Geographic Relationships

This entity is within

Wholly within: Virginia