Morgan City, Louisiana Property Taxes
The median property tax rate in Morgan City, LA is 1.13%, notably higher than both the national median of 0.99% and the Louisiana state median of 0.91%. With the median home value in Morgan City at $86,350, the typical annual property tax bill is $988, which is significantly lower than the national median of $2,690. Property taxes in Morgan City are calculated based on the tax assessed value, often falling below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Morgan City'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 Morgan City 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
Morgan City, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$976
$905
Ownwell’s Morgan City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morgan City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morgan City 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 Morgan City, Louisiana
Property taxes in Morgan City, Louisiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morgan City is 1.13%, higher than the U.S. national median of 0.99%. Local government entities within Morgan City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morgan City 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 Morgan City's effective property tax rate to other regions and the national median. For comparison, the zip code 70380 has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these areas compare with Morgan City provides valuable insights into the varying tax landscape across Assumption County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morgan City Tax Rate
1.13%
Average Assumption County Tax Rate
1.08%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morgan City, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70380 | 1.05% | 1.09% | 1.13% | 1.19% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Morgan City, Louisiana
In Morgan City, 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 Assumption Parish Assessor's Office 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 Morgan City, 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. For instance, the highest median tax bill in Morgan City is $988.00 in the 70380 zip code, which is also the lowest median 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 Morgan City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morgan City Assessed Value
$86,350
Average Assumption County Assessed Value
$88,000
Average Louisiana Assessed Value
$105,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morgan City, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70380 | $30,650 | $55,100 | $86,350 | $135,950 | $191,500 |
Source: Ownwell
Property Tax Bills Across Morgan City, Louisiana
In Morgan City, located in Assumption Parish, LA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property, and this value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Morgan City, the median home price stands at $86,350. The property tax rate in this area can lead to varying tax bills, with the 25th percentile tax bill at $645 and the 75th percentile reaching $1,521. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, Morgan City's tax rates offer a range of possible tax bills, emphasizing the importance of staying informed and proactive in managing property taxes.
Average Morgan City Tax Bill
$988
Average Assumption County Tax Bill
$951
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Morgan City, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70380 | $360 | $645 | $988 | $1,521 | $2,093 |
Source: Ownwell