Tunica, Louisiana Property Taxes
The median property tax rate in Tunica, LA is 0.84%, significantly lower than both the national median of 0.99% and the Louisiana state median of 0.91%. With the median home value in Tunica, the typical annual property tax bill is $430, well below the national median of $2,690. Property taxes in Tunica are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Tunica's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tunica or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tunica, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$431
Ownwell’s Tunica Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tunica with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tunica to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Tunica, Louisiana
Property taxes in Tunica, Louisiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency response. The median tax rate in Tunica stands at 0.84%, which is slightly below the U.S. national median of 0.99%. Local government entities in Tunica set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tunica estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Tunica's effective property tax rate to other areas in Louisiana and the national median. For comparison, the zip code 70782 in West Feliciana has both the highest and lowest median property tax rate at 0.84%, mirroring Tunica's rate. Understanding how these areas compare with Tunica provides valuable insights into the varying tax landscape across West Feliciana, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Tunica Tax Rate
0.84%
Average West Feliciana County Tax Rate
0.84%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tunica, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70782 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Tunica, Louisiana
In Tunica, Louisiana, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the West Feliciana County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Tunica, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Tunica helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Tunica is $51,250, with tax bills ranging from $264 at the 25th percentile to $1,165 at the 90th percentile. The highest and lowest median tax bills are both $430 in the 70782 zip code.
Average Tunica Assessed Value
$51,250
Average West Feliciana County Assessed Value
$186,000
Average Louisiana Assessed Value
$105,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tunica, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70782 | $22,800 | $31,500 | $51,250 | $79,220 | $137,480 |
Source: Ownwell
Property Tax Bills Across Tunica, Louisiana
In Tunica, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final amount, including the property's location, size, and condition. For instance, the median home price in Tunica is $51,250, and homeowners can expect a tax bill ranging from $264 at the 25th percentile to $1,165 at the 90th percentile. Comparatively, the national median property tax rate is 0.99%, which helps put Tunica's rates into perspective. Homeowners in Tunica benefit from relatively low property tax bills compared to many other regions. These taxes fund essential public services like schools, roads, and emergency services, directly impacting the quality of life in the community. Understanding how these taxes are calculated can help homeowners better manage their finances and plan for future expenses.
Average Tunica Tax Bill
$430
Average West Feliciana County Tax Bill
$1,561
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Tunica, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70782 | $191 | $264 | $430 | $668 | $1,165 |
Source: Ownwell