Louisiana property taxes are assessed by the:
Correct Answer
B) Parish assessor, who values property at a percentage of fair market value; the homestead exemption excludes the first $75,000 of a home's fair market value from parish property taxes
Each parish assessor determines property values for tax purposes. Residential property is assessed at 10% of fair market value. Louisiana's homestead exemption excludes the first $75,000 of a qualifying home's fair market value from parish and local property taxes — meaning the first $7,500 of assessed value is sheltered. This exemption does not apply to municipal taxes in all areas.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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