Attention homeowners over 65 or homeowners with disabilities! The Adjust Gross Income amount required to…
What exactly does it mean to have a homestead exemption? Most people know something about the homestead exemption, but not everyone understands all aspects of it. Here are a few basic facts. Any Louisiana citizen is eligible for one and only one homestead exemption, if he/she lives on the property. This means you cannot have an exemption in more than one parish. The homestead exemption is applicable to the first $75,000 of fair market value. If your home exceeds that value, you would then pay property tax on the amount that it exceeds. Example: If a home’s fair market value is $100,000, minus the $75,000 homestead exemption would leave a balance of $25,000 taxable value. The assessed value is 10% of the taxable fair market value, so the assessed value would be $2,500. The assessed value is then multiplied times the millage and the product is the amount of your tax bill. Here is the math.
|$100,000||—||Fair Market Value (Determined by the Assessor’ Office)|
|– $ 75,000||—||Homestead Exemption|
|$ 25,000||—||Taxable Fair Market Value|
|x 10%||—||Level of Assessment|
|$ 2,500||—||Assessed Value.|
|x .110||—||Millage Rate (110 mills is about average for our Parish or 11%)|
|$ 275||—||Property taxes due on Home|
Unfortunately, today’s new homes being built average about $150,000 to $250,000. Use the numbers above to estimate what your taxes might be, or don’t hesitate to call the Assessor’s Office and get an approximate amount on the house you are thinking about building. You can also visit the assessor’s website and use the property tax estimator.
Please direct questions to the St. James Parish Assessor’s Office.