Milton, Louisiana Property Taxes
The median property tax rate in Milton, LA is 0.49%, significantly lower than both the national median of 0.99% and the Louisiana state median of 0.91%. With a median home value of $79,780 in Milton, the typical annual property tax bill is $537, which is far below the national median of $2,690. Property taxes in Milton are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Milton'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 Milton 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
Milton, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$391
$363
Ownwell’s Milton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Milton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milton to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Milton, Louisiana
Property taxes in Milton, Louisiana, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Milton is 0.49%, which is lower than both the Louisiana state median and the U.S. national median of 0.99%. Local government entities within Milton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milton 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 Milton's effective property tax rate to other counties in Louisiana and the national median. For comparison, the zip code 70558 has both the highest and lowest median property tax rate of 0.49%. Understanding how these cities compare with Milton 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 Milton Tax Rate
0.49%
Average Lafayette County Tax Rate
0.73%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milton, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70558 | 0.19% | 0.33% | 0.49% | 0.89% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Milton, Louisiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Milton, Louisiana. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Lafayette 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 Milton, 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 is $79,780, with tax bills ranging from $355 at the 25th percentile to $707 at the 90th percentile. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milton Assessed Value
$79,780
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 Milton, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70558 | $56,228 | $66,455 | $79,780 | $120,755 | $147,972 |
Source: Ownwell
Property Tax Bills Across Milton, Louisiana
In Milton, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Milton, the median home price is $79,780. Property tax bills can vary significantly; for example, the 25th percentile tax bill is $355, while the 75th percentile tax bill is $594, and the 90th percentile tax bill reaches $707. These tax bills are influenced by factors such as property size, location, and any applicable exemptions or deductions. Homeowners in Milton should be aware that their property tax rate may differ from the national median property tax rate of 0.99%. Understanding how these elements interact is crucial for homeowners to anticipate their annual property tax obligations and manage their finances effectively.
Average Milton Tax Bill
$537
Average Lafayette County Tax Bill
$1,014
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Milton, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70558 | $192 | $355 | $537 | $594 | $707 |
Source: Ownwell