Franklinton, Louisiana Property Taxes
The median property tax rate in Franklinton, LA is 0.98%, just below the national median of 0.99% but higher than the Louisiana state median of 0.91%. With a median home value of $96,195 in Franklinton, the typical annual property tax bill amounts to $1,208, which is significantly lower than the national median of $2,690. Property taxes in Franklinton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Franklinton'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 Franklinton or another part of St. Tammany Parish, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franklinton, Louisiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$943
$875
Ownwell’s FRANKLINTON Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in FRANKLINTON using just two key data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FRANKLINTON to provide an estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed insights, you can scroll down to find localized information on neighborhood trends. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Franklinton, Louisiana
Property taxes in Franklinton, Louisiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklinton is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Franklinton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franklinton 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 Franklinton's effective property tax rate to other areas in Louisiana and the national median. For comparison, the 70438 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Franklinton 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 Franklinton Tax Rate
0.98%
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 Franklinton, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70438 | 0.31% | 0.68% | 0.98% | 1.39% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Franklinton, Louisiana
In Franklinton, 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's Office 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 Franklinton, 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 Franklinton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 70438, with a median tax bill of $1,208.
Average Franklinton Assessed Value
$96,195
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 Franklinton, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70438 | $33,776 | $51,062 | $96,195 | $178,672 | $267,726 |
Source: Ownwell
Property Tax Bills Across Franklinton, Louisiana
In Franklinton, LA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the market value determined by the local tax assessor. For example, if the median home price is $96,195, the assessed value will be a fraction of this amount. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. In Franklinton, tax bills can vary significantly; the 25th percentile tax bill is $484, while the 75th percentile reaches $2,134, and the 90th percentile can be as high as $3,454. Homeowners in the 70438 zip code see a median tax bill of $1,208, which is higher than the national median property tax rate of 0.99%. These taxes fund essential services like schools, infrastructure, and public safety, directly impacting the community's quality of life.
Average Franklinton Tax Bill
$1,208
Average St. Tammany County Tax Bill
$1,777
Average Louisiana Tax Bill
$865
Average United States Tax Bill
$2,690
Property Tax Bills Across Franklinton, Louisiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70438 | $284 | $484 | $1,208 | $2,134 | $3,454 |
Source: Ownwell