Colfax, Louisiana Property Taxes
The median property tax rate in Colfax, LA is 1.67%, significantly higher than both the national median of 0.99% and the Louisiana state median of 0.91%. With the median home value in Colfax at $41,270, the typical annual property tax bill reaches $707, which is substantially lower than the national median of $2,690. Property taxes in Colfax 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 Colfax'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 Colfax or another part of Grant County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colfax, 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 Colfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colfax 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 Colfax, Louisiana
Property taxes in Colfax, Louisiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colfax is 1.67%, significantly higher than both the Louisiana state median and the U.S. national median of 0.99%. Local government entities within Colfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colfax 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 Colfax's effective property tax rate to other areas in Louisiana and the national median. For comparison, the zip code 71417 has both the highest and lowest median property tax rate of 1.67%. Understanding how these areas compare with Colfax provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colfax Tax Rate
1.67%
Average Grant County Tax Rate
1.57%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colfax, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71417 | 1.58% | 1.61% | 1.67% | 1.72% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Colfax, Louisiana
In Colfax, 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 Grant County Appraisal District 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 Colfax, 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 Colfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 71417 has the highest and lowest median tax bills, both at $707.
Average Colfax Assessed Value
$41,270
Average Grant County Assessed Value
$52,470
Average Louisiana Assessed Value
$105,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colfax, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71417 | $8,012 | $18,010 | $41,270 | $77,420 | $127,968 |
Source: Ownwell
Property Tax Bills Across Colfax, Louisiana
In Colfax, located in Grant County, LA, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is typically a percentage of the property's market value. For homeowners in Colfax, the median home price stands at $41,270. The property tax rate applied to this assessed value is crucial in determining the final tax bill. In Colfax, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is $316, while the 75th percentile tax bill reaches $1,316, and the 90th percentile tax bill can go up to $2,127. These variations highlight how different factors, such as property improvements and neighborhood changes, can influence the assessed value and thus the tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Colfax might find their property tax bills relatively moderate, but they still need to budget for these annual expenses. Understanding these components helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Colfax Tax Bill
$707
Average Grant County Tax Bill
$835
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Colfax, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71417 | $142 | $316 | $707 | $1,316 | $2,127 |
Source: Ownwell