Farmerville, Louisiana Property Taxes
The median property tax rate in Farmerville, LA is 0.78%, which is lower than both the national median of 0.99% and the Louisiana state median of 0.91%. With a median home value of $60,538, the typical annual property tax bill in Farmerville amounts to $471, significantly below the national median of $2,690. Property taxes in Farmerville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Farmerville'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 Farmerville 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
Farmerville, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$472
Ownwell’s Farmerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmerville 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 Farmerville, Louisiana
Property taxes in Farmerville, Louisiana, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmerville is 0.78%, which is lower than both the Louisiana state median and the U.S. national median of 0.99%. Local government entities within Farmerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmerville 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 Farmerville's effective property tax rate to other counties in Louisiana and the national median. For comparison, the 71241 zip code has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Farmerville provides valuable insights into the varying tax landscape across Lincoln Parish, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmerville Tax Rate
0.78%
Average Lincoln County Tax Rate
0.89%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmerville, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71241 | 0.70% | 0.70% | 0.78% | 0.81% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Farmerville, Louisiana
In Farmerville, 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 Lincoln 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 Farmerville, 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. The median home price in Farmerville is $60,538, with tax bills ranging from $383 at the 25th percentile to $1,247 at the 90th percentile. The highest and lowest median tax bills are both $471 in the 71241 zip code. 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 Farmerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Farmerville Assessed Value
$60,538
Average Lincoln County Assessed Value
$106,951
Average Louisiana Assessed Value
$105,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmerville, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71241 | $34,596 | $47,125 | $60,538 | $162,178 | $178,136 |
Source: Ownwell
Property Tax Bills Across Farmerville, Louisiana
Property tax bills in Farmerville, Lincoln County, LA are calculated based on the assessed value of a property, which is derived from its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including property size, location, and any applicable exemptions. For instance, with a median home price of $60,538, homeowners can expect varying tax bills. The 25th percentile tax bill stands at $383, while the 75th percentile reaches $1,141, and the 90th percentile hits $1,247. These figures highlight the range of tax burdens homeowners might face, depending on their property's assessed value and any qualifying deductions. Compared to the national median property tax rate of 0.99%, Farmerville's tax rates can be considered relatively moderate. This affects homeowners by providing them with a predictable annual expense, which is crucial for budgeting and financial planning. Understanding these factors can help homeowners anticipate their property tax obligations more accurately.
Average Farmerville Tax Bill
$471
Average Lincoln County Tax Bill
$972
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmerville, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71241 | $301 | $383 | $471 | $1,141 | $1,247 |
Source: Ownwell