Lake Providence, Louisiana Property Taxes
The median property tax rate in Lake Providence, LA is 1.18%, higher than both the national median of 0.99% and the Louisiana state median of 0.91%. With the median home value in Lake Providence at $29,344, the typical annual property tax bill is $201, which is significantly lower than the national median of $2,690. Property taxes in Lake Providence are calculated based on the tax assessed value, often below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lake Providence'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 Lake Providence 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
Lake Providence, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$346
Ownwell’s Lake Providence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Providence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Providence 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 Lake Providence, Louisiana
Property taxes in Lake Providence, Louisiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Providence is 1.18%, higher than both the Louisiana state median and the U.S. national median of 0.99%. Local government entities within Lake Providence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Providence 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 Lake Providence's effective property tax rate to other counties in Louisiana and the national median. For comparison, the 71254 zip code has the highest median property tax rate of 1.18%, while the 71254 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Lake Providence provides valuable insights into the varying tax landscape across East Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Providence Tax Rate
1.18%
Average East Carroll County Tax Rate
1.18%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Providence, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71254 | 0.18% | 0.18% | 1.18% | 1.21% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Lake Providence, Louisiana
In Lake Providence, 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 East Carroll 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 Lake Providence, 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 Lake Providence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lake Providence is $29,344, with tax bills ranging from $76 at the 25th percentile to $1,384 at the 90th percentile, highlighting the variability in property tax obligations.
Property Tax Assessment Values Across Lake Providence, Louisiana
Source: Ownwell
$29,344
$41,601
$53,857
Average Lake Providence Assessed Value
$29,344
Average East Carroll County Assessed Value
$30,550
Average Louisiana Assessed Value
$105,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Providence, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71254 | $7,247 | $14,239 | $29,344 | $61,669 | $136,838 |
Source: Ownwell
Property Tax Bills Across Lake Providence, Louisiana
In Lake Providence, East Carroll County, LA, property tax bills are calculated based on the assessed value of the home, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, home size, and market conditions play a crucial role in this calculation. For instance, with the median home price at $29,344, homeowners can expect varying tax bills depending on their property's assessed value. The 25th percentile tax bill is around $76, while the 75th percentile reaches $556, and the 90th percentile can go up to $1,384. Compared to the national median property tax rate of 0.99%, Lake Providence offers a relatively low tax burden, making it an attractive option for homeowners seeking affordability. This variation in tax bills can significantly impact homeowners, influencing their financial planning and long-term investment decisions.
Average Lake Providence Tax Bill
$201
Average East Carroll County Tax Bill
$224
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Providence, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71254 | $40 | $76 | $201 | $556 | $1,384 |
Source: Ownwell