Franklinton, Louisiana Property Taxes
The median property tax rate in Franklinton, LA is 0.77%, which is lower than both the national median of 0.99% and the Louisiana state median of 0.91%. With the median home value in Franklinton at $79,222, the typical annual property tax bill is $611, significantly below 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 like the primary residence and agricultural exemptions. Understanding Franklinton'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 Franklinton or another part of Tangipahoa County, 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
0.77%
Estimate Property Tax Bill
$610
$566
Ownwell’s Franklinton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franklinton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franklinton 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 Franklinton, Louisiana
Property taxes in Franklinton, Louisiana, play a critical role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franklinton is 0.77%, which is lower than 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 regions in Louisiana and the national median. For comparison, the zip code 70438 has both the highest and lowest median property tax rate in the area at 0.77%. Understanding how these rates compare with Franklinton provides valuable insights into the varying tax landscape across Tangipahoa Parish, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franklinton Tax Rate
0.77%
Average Tangipahoa County Tax Rate
0.87%
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 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
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 Tangipahoa 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. For example, the median home price in Franklinton is $79,222. Tax bills vary widely, with the 25th percentile at $343, the 75th percentile at $795, and the 90th percentile reaching $1,472. 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.
Average Franklinton Assessed Value
$79,222
Average Tangipahoa County Assessed Value
$100,451
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 | $23,713 | $48,360 | $79,222 | $103,132 | $190,888 |
Source: Ownwell
Property Tax Bills Across Franklinton, Louisiana
In Franklinton, located in Tangipahoa County, LA, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Franklinton is $79,222. Homeowners' tax bills are influenced by this assessed value and the local tax rate. For instance, at the 25th percentile, homeowners pay around $343 annually, while at the 75th percentile, the tax bill rises to approximately $795. At the 90th percentile, the tax bill can reach up to $1,472. These tax bills are crucial for homeowners as they contribute to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the tax rates in Franklinton can significantly affect a homeowner's annual expenses. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Franklinton Tax Bill
$611
Average Tangipahoa County Tax Bill
$889
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 | $183 | $343 | $611 | $795 | $1,472 |
Source: Ownwell