Greenwood, Louisiana Property Taxes
The median property tax rate in Greenwood, LA is 1.70%, considerably higher than both the national median of 0.99% and the Louisiana state median of 0.91%. With the median home value in Greenwood at $84,780, the typical annual property tax bill reaches $1,448, exceeding the national median of $2,690. Property taxes in Greenwood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greenwood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Greenwood 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
Greenwood, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.7%
Estimate Property Tax Bill
$1,441
Ownwell’s Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, Louisiana
Property taxes in Greenwood, Louisiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood is 1.70%, significantly higher than the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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 Greenwood's effective property tax rate to other areas and the national median. For comparison, the zip code 71033 has the highest median property tax rate of 1.70%, while the same zip code also has the lowest median tax rate of 1.70%. Understanding how these areas compare with Greenwood provides valuable insights into the varying tax landscape across Caddo Parish, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood Tax Rate
1.70%
Average Caddo County Tax Rate
1.59%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71033 | 1.61% | 1.65% | 1.70% | 1.84% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, Louisiana
In Greenwood, 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 Caddo Parish Assessor 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 Greenwood, 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 Greenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1448 in the 71033 zip code, while the lowest median tax bill is also $1448 in the same zip code.
Average Greenwood Assessed Value
$84,780
Average Caddo County Assessed Value
$75,583
Average Louisiana Assessed Value
$105,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenwood, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71033 | $14,111 | $40,652 | $84,780 | $177,849 | $242,234 |
Source: Ownwell
Property Tax Bills Across Greenwood, Louisiana
In Greenwood, located in Caddo County, LA, property tax bills are determined based on a combination of the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, the median home price in Greenwood is $84,780. The tax bills in Greenwood can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $744, while those in the 75th percentile might see bills as high as $2,897. At the 90th percentile, tax bills can reach up to $3,929. This variation is influenced by several factors, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Greenwood's rates are reflective of the local economic conditions and funding needs for public services. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Greenwood Tax Bill
$1,448
Average Caddo County Tax Bill
$1,209
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71033 | $335 | $744 | $1,448 | $2,897 | $3,929 |
Source: Ownwell