Oil City, Louisiana Property Taxes
The median property tax rate in Oil City, LA is 1.88%, considerably higher than both the national median of 0.99% and the Louisiana state median of 0.91%. With the median home value in Oil City, the typical annual property tax bill reaches $750, which is below the national median of $2,690. Property taxes in Oil City 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 Oil 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 Oil 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
Oil City, Louisiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,820
Ownwell’s Oil City Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Oil City with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Oil City to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by the county for tax purposes, includes any applicable exemptions.
Property Tax Rates Across Oil City, Louisiana
Property taxes in Oil City, Louisiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oil City is 1.88%, significantly higher than both the Louisiana state median and the U.S. national median of 0.99%. Local government entities within Oil City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oil 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 Oil City's effective property tax rate to other counties in Louisiana and the national median. For comparison, the 71061 zip code has the highest median property tax rate of 1.88%, while the same zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Oil City 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 Oil City Tax Rate
1.88%
Average Caddo County Tax Rate
1.59%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oil City, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71061 | 1.63% | 1.68% | 1.88% | 2.06% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Oil City, Louisiana
In Oil 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 Caddo 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 Oil 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. The median home price in Oil City is $40,132, with tax bills ranging from $438 at the 25th percentile to $2,305 at the 90th percentile. 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 Oil City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oil City Assessed Value
$40,132
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 Oil City, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71061 | $7,105 | $21,416 | $40,132 | $75,852 | $138,039 |
Source: Ownwell
Property Tax Bills Across Oil City, Louisiana
Property tax bills in Oil City, located in Caddo Parish, LA, are determined based on the assessed value of a property, which is a percentage of its market value. In this region, the median home price is approximately $40,132. Once the assessed value is established, local tax rates are applied to calculate the final tax bill. The property tax rate in Oil City is influenced by various factors, including local government budgets, public service funding, and school district requirements. Homeowners in Oil City can expect tax bills to range widely. For instance, tax bills at the 25th percentile are around $438, while those at the 75th percentile reach up to $1,297. At the higher end, the 90th percentile tax bills can be as much as $2,305. Compared to the national median property tax rate of 0.99%, Oil City's tax rates reflect the local economic conditions and funding needs. These property taxes significantly impact homeowners by contributing to essential community services and infrastructure, thereby influencing the overall living experience in the area.
Average Oil City Tax Bill
$750
Average Caddo County Tax Bill
$1,209
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Oil City, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71061 | $186 | $438 | $750 | $1,297 | $2,305 |
Source: Ownwell