Covington, Louisiana Property Taxes
The median property tax rate in Covington, LA is 0.97%, slightly lower than the national median of 0.99% but higher than Louisiana's state median of 0.91%. With a median home value of $196,510, the typical annual property tax bill in Covington reaches $1,924, which is below the national median of $2,690. Property taxes in Covington 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 Covington'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 Covington 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
Covington, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,906
$1,769
Ownwell’s Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington 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 Covington, Louisiana
Property taxes in Covington, Louisiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Covington is 0.97%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington 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 Covington's effective property tax rate to other areas in St. Tammany Parish and the national median. For comparison, the 70433 zip code has the highest median property tax rate of 1.02%, while the 70435 zip code has the lowest median tax rate of 0.87%. Understanding how these areas compare with Covington provides valuable insights into the varying tax landscape across St. Tammany Parish, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Covington Tax Rate
0.97%
Average St. Tammany County Tax Rate
0.98%
Average Louisiana Tax Rate
0.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70433 | 0.56% | 0.79% | 1.02% | 1.25% | 1.39% |
| 70435 | 0.51% | 0.71% | 0.87% | 1.18% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Covington, Louisiana
In Covington, 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 St. Tammany 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 Covington, 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 zip code 70433 has the highest median tax bill at $2,136, while the zip code 70435 has the lowest at $1,634. 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 Covington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Covington Assessed Value
$196,510
Average St. Tammany County Assessed Value
$172,720
Average Louisiana Assessed Value
$105,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Covington, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70433 | $98,008 | $138,600 | $210,050 | $326,970 | $505,408 |
| 70435 | $60,000 | $120,330 | $181,105 | $240,525 | $333,072 |
Source: Ownwell
Property Tax Bills Across Covington, Louisiana
Property tax bills in Covington, located in St. Tammany Parish, LA, are calculated based on the assessed value of a property, which is a percentage of its market value. The local assessment rate and the millage rate, determined by local taxing authorities, play crucial roles in this calculation. For example, if the assessed value of a home is $196,510, this value is multiplied by the millage rate to determine the annual tax bill. Homeowners in Covington see a range of tax bills, with the 25th percentile at $1,130 and the 75th percentile at $3,278. The highest median tax bill in the area is $2,136, found in the 70433 zip code, whereas the lowest is $1,634 in the 70435 zip code. These property tax bills can significantly impact homeowners, influencing their overall housing costs and financial planning. Comparing to the national median property tax rate of 0.99%, Covington's rates can vary, reflecting the local economic and policy factors affecting property taxation.
Average Covington Tax Bill
$1,924
Average St. Tammany County Tax Bill
$1,777
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70433 | $636 | $1,210 | $2,136 | $3,677 | $6,654 |
| 70435 | $498 | $1,025 | $1,634 | $2,547 | $3,952 |
Source: Ownwell