Wallace, Louisiana Property Taxes
The median property tax rate in Wallace, LA is 0.75%, which is lower than both the national median of 0.99% and the Louisiana state median of 0.91%. With a median home value of $184,900 in Wallace, the typical annual property tax bill amounts to $1,379, significantly below the national median of $2,690. Property taxes in Wallace are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Wallace's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wallace or another part of St. John the Baptist Parish, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wallace, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,387
$1,287
Ownwell’s Wallace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallace 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 Wallace, Louisiana
Property taxes in Wallace, Louisiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallace is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Wallace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallace 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 Wallace's effective property tax rate to other areas in Louisiana and the national median. For comparison, the 70049 zip code has the highest median property tax rate of 0.75%, while the 70049 zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Wallace provides valuable insights into the varying tax landscape across St. John the Baptist Parish, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wallace Tax Rate
0.75%
Average St. John The Baptist County Tax Rate
0.84%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wallace, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70049 | 0.29% | 0.46% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Wallace, Louisiana
In Wallace, 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 Wallace, 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 Wallace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $1,379 in the 70049 zip code, while the lowest median tax bill is also $1,379 in the same zip code.
Average Wallace Assessed Value
$184,900
Average St. John The Baptist County Assessed Value
$112,000
Average Louisiana Assessed Value
$105,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wallace, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70049 | $106,580 | $135,950 | $184,900 | $186,125 | $186,860 |
Source: Ownwell
Property Tax Bills Across Wallace, Louisiana
In Wallace, located in St. John the Baptist Parish, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Homeowners in Wallace experience a range of property tax bills, with the 25th percentile at $765 and the 75th percentile at $1,395. This variation depends on factors such as property size, location, and market conditions. The highest median tax bill in the area is $1,379, found in the 70049 zip code. For homeowners, these property taxes fund essential public services like schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Wallace's property tax rates reflect the local economic environment and public service needs, directly impacting homeowners' annual financial planning and the overall cost of living in the area.
Average Wallace Tax Bill
$1,379
Average St. John The Baptist County Tax Bill
$836
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallace, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70049 | $396 | $765 | $1,379 | $1,395 | $1,404 |
Source: Ownwell