Lafayette, Louisiana Property Taxes
The median property tax rate in Lafayette, LA is 0.79%, which is notably lower than both the national median of 0.99% and the Louisiana state median of 0.91%. With the median home value in Lafayette at $150,155, the typical annual property tax bill is $1,088, significantly below the national median of $2,690. Property taxes in Lafayette are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lafayette'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 Lafayette 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
Lafayette, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,186
Ownwell’s Lafayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lafayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lafayette 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 Lafayette, Louisiana
Property taxes in Lafayette, Louisiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafayette is 0.79%, lower than both the Louisiana state median and the U.S. national median of 0.99%. Local government entities within Lafayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lafayette 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 Lafayette's effective property tax rate to other areas in Louisiana and the national median. For comparison, the 70520 zip code has the highest median property tax rate of 1.07%, while the 70507 zip code has the lowest median tax rate of 0.65%. Understanding how these areas compare with Lafayette provides valuable insights into the varying tax landscape across Lafayette Parish, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafayette Tax Rate
0.79%
Average Lafayette County Tax Rate
0.73%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafayette, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70501 | 0.18% | 0.34% | 0.92% | 1.07% | 1.09% |
| 70503 | 0.52% | 0.67% | 0.82% | 0.99% | 1.05% |
| 70506 | 0.36% | 0.56% | 0.74% | 1.05% | 1.06% |
| 70507 | 0.26% | 0.47% | 0.65% | 0.88% | 1.05% |
| 70508 | 0.48% | 0.62% | 0.81% | 0.91% | 1.05% |
| 70520 | 1.07% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette, Louisiana
In Lafayette, 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 local 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 Lafayette, 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 Lafayette is $1,596 in the 70508 zip code, while the lowest median tax bill is $371 in the 70520 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 Lafayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lafayette Assessed Value
$150,155
Average Lafayette County Assessed Value
$153,470
Average Louisiana Assessed Value
$105,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafayette, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70501 | $18,675 | $30,520 | $56,810 | $101,890 | $157,750 |
| 70503 | $100,970 | $138,752 | $194,165 | $303,518 | $470,755 |
| 70506 | $54,090 | $96,690 | $140,340 | $186,790 | $241,700 |
| 70507 | $46,878 | $81,922 | $133,290 | $186,322 | $257,785 |
| 70508 | $101,800 | $145,920 | $209,560 | $305,130 | $472,400 |
| 70520 | $34,600 | $34,600 | $34,600 | $34,600 | $34,600 |
Source: Ownwell
Property Tax Bills Across Lafayette, Louisiana
In Lafayette, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The local tax rate, known as the millage rate, is then applied to this assessed value. For homeowners, several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For instance, the median home price in Lafayette is $150,155. Property tax bills can vary significantly, with the 25th percentile at $522 and the 75th percentile reaching $1,793. For those in the 90th percentile, tax bills can go up to $3,006. The highest median tax bill in the area is $1,596 in the 70508 zip code, while the lowest is $371 in the 70520 zip code. These variations can have a substantial impact on homeowners, affecting their annual financial planning and long-term investment decisions. Compared to the national median property tax rate of 0.99%, Lafayette's rates reflect a range of tax burdens across different neighborhoods.
Average Lafayette Tax Bill
$1,088
Average Lafayette County Tax Bill
$1,014
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafayette, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70501 | $69 | $158 | $385 | $756 | $1,323 |
| 70503 | $608 | $1,035 | $1,578 | $2,573 | $4,373 |
| 70506 | $277 | $609 | $1,023 | $1,492 | $2,042 |
| 70507 | $136 | $423 | $834 | $1,323 | $1,961 |
| 70508 | $531 | $1,006 | $1,596 | $2,631 | $4,396 |
| 70520 | $371 | $371 | $371 | $371 | $371 |
Source: Ownwell