Louisiana Parish Tax Information
When purchasing a new home in Louisiana, you should consider the property taxes. Property taxes are calculated by multiplying the assessed value by the corresponding tax rate, which is set by various bond rates, mileages, and fees that are voted on in different districts established by the Legislature or Constitution.
If the property is your primary home, you may deduct a maximum of $7,500 from the total assessed value before finding the taxable assessed value. For example, if your home is valued at $200,000 and assessed at 10%, say $20,000, and you are eligible and have signed for Homestead Exemption, use the following formula to assist you in calculating your taxes:
|Less "Homestead Exemption"||- $7,500|
|Equals Taxable Assessed Value||= $12,500|
|Times Assumed Tax Rate||x .070|
|Equals Total Real Estate Tax||= $875|
The Parish Assessor’s Office must appraise and assess value on each property. In Louisiana the constitution requires the assessor to place a value on and list all property that is subject to ad valorem taxes, which means according to value. The Assessor determines the assessed value, which is the value utilized as a percentage of Fair Market Value (FMV) as prescribed by law. Accordingly, the assessed value is calculated as a percentage of the Fair Market Value (FMV) as provided for by law.
Residential Land - 10% of FMV
Residential Improvements - 10% of FMV
Commercial Land - 10% of of FMV
Commercial Improvements - 15% of FMV
Business Moveable Property (Personal) - 15% of FMV
You may qualify to have your property taxes frozen, if you meet the following criteria:
Are you 65 or older and adjusted gross income is $62,180 or less?
Did you celebrate your 65th birthday in the current year?
Do you have a service connected disability rating of 50% or greater as determined by the United States Department of Veterans Affairs?
Was the home owned and last occupied by members of the Louisiana National Guard or armed forces that were: Killed in Action, Missing in Action, or A Prisoner of War for longer than 90 days?
Are you permanently totally disabled as determined by a final non-appealable judgment of a court or as certified by a state of federal administrative agency with the authority to do so?
If you answered yes to any of the questions, please visit your Assessor’s office, as you may qualify for the special assessment.