Louisiana's homestead exemption protects:
Correct Answer
B) The first $75,000 of a homeowner's fair market value from parish property taxes
Louisiana's homestead exemption excludes the first $75,000 of a qualifying home's fair market value from parish property taxes. Since residential property is assessed at 10% of fair market value, this shelters $7,500 of assessed value from taxation. The exemption applies to any qualifying homestead regardless of the home's total value — it reduces the taxable assessed value by $7,500, not just for homes worth $75,000 or less.
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