According to to Somerset County web site the 2004 tax rate in Franklin was $2.06/$100 of assessed house value and the school rate was $1.33/$100. Thus the school tax is 1.33/2.06 = 65% of the total property tax. All things being equal a 15.5% school tax increase will increase your taxes by 15.5*0.65 or about 10%. For the average home assessed at $310,717 this is a tax increase of $525