Monterey, Louisiana Property Taxes
The median property tax rate in Monterey, LA is 1.11%, which is notably higher than both the national median of 0.99% and the Louisiana state median of 0.91%. With a median home value of $47,100 in Monterey, the typical annual property tax bill amounts to $549, surpassing the national median of $2,690. Property taxes in Monterey are determined based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Monterey's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Monterey or another part of the city, familiarizing yourself with the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Monterey, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$523
Ownwell’s Monterey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monterey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monterey 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 Monterey, Louisiana
Property taxes in Monterey, Louisiana, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Monterey is 1.11%, which is higher than the U.S. national median of 0.99%. Local government entities in Monterey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monterey 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 Monterey's effective property tax rate to other counties in Louisiana and the national median. For comparison, the 71354 zip code has both the highest and lowest median property tax rate of 1.11%. Understanding how these cities compare with Monterey provides valuable insights into the varying tax landscape across Concordia Parish, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monterey Tax Rate
1.11%
Average Concordia County Tax Rate
1.05%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monterey, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71354 | 1.11% | 1.11% | 1.11% | 1.11% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Monterey, Louisiana
In Monterey, 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 Concordia 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 Monterey, 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 Monterey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $549, found in zip code 71354.
Average Monterey Assessed Value
$47,100
Average Concordia County Assessed Value
$41,300
Average Louisiana Assessed Value
$105,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monterey, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71354 | $9,000 | $19,400 | $47,100 | $91,600 | $184,420 |
Source: Ownwell
Property Tax Bills Across Monterey, Louisiana
In Monterey, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. Homeowners in Monterey can expect a range of property tax bills depending on the value of their property. For example, at the 25th percentile, the tax bill is $234, while at the 75th percentile, it rises to $1,078. For those at the 90th percentile, the tax bill can go up to $2,130. Factors such as property size, location, and market conditions influence the assessed value. Compared to the national median property tax rate of 0.99%, Monterey’s rates reflect a localized approach to property taxation. These taxes play a crucial role in funding public services such as schools, road maintenance, and emergency services, directly impacting the community’s quality of life. Homeowners should be aware of these factors to better understand their financial obligations and potential benefits.
Average Monterey Tax Bill
$549
Average Concordia County Tax Bill
$467
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Monterey, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71354 | $101 | $234 | $549 | $1,078 | $2,130 |
Source: Ownwell