Louisiana Property Taxes — Home Value Appraisals — Draw Professional Floor, Building & Landscaping Plans — Mortgage Refinance Rates
Home Value Appraisals, Property Tax Appeals
Louisiana Property Taxes Home Property Valuation Louisiana Property Tax Appeal and House Appraisal tutorial for home value appraisals and how to establish the market value of residential property and pursue a winning property tax appeal.
Other books offer lot's of advice but not easy to follow actual examples for all valuation categories. Nothing comes close to this how to manual. Go to your local book shop or Barnes & Noble.com Bestsellers and see if you can find one. We're betting you can't.
Louisiana Home Property Valuation
• The actual tax bill is computed by multiplying the assessed value times “the millage” rate. Millage or millage rate: the rate of taxation used to calculate property (ad valorem) tax. Millage is the total number of mills, which, when multiplied by the assessed value of the taxable portion of the property, yields the dollar amount of property tax to be paid on that property.
• Although property tax is governed by state constitution and law, at the present time it is a local tax. All property tax collected by a parish remains in that parish
Louisiana Home Property Valuation Exemptions
• Louisiana homeowners receive a homestead exemption in the amount of $7,500. This exemption is applied against the assessed value of the home,
which is equal to 10 percent of the fair market value.
• Therefore, only homes with a market value over $75,000 would be subject to parish (county) property tax. However, the exemption does not generally
apply to municipal taxes. Property taxes are collected at the local level. For more information, contact the
Louisiana Tax Commission, P.O. Box 66788, Baton
Rouge, LA 70896, or call 225-925-7830.
Personal income tax
• Taxes range from 2 to 6 percent with a variety of exemptions in 3 brackets.
Sales tax
• The Louisiana state sales tax rate is four percent. However, the rate of tax on sales of nonresidential electricity, water utility service, natural gas, and steam is 3.8 percent. Sales of food for home consumption, prescription drugs and electricity, natural gas, and water sold directly to the consumer for residential use are exempt from state sales tax.
• The top five states where the tax burden as a percent of income is the highest are: Maine (13.0%), New York (12.0%), Hawaii (11.5%), Rhode Island (11.5%), and Wisconsin (11.4%). The United States average is 10.1%. The District of Columbia is 12.2%.
• The five states with the lowest tax burden as a percent of income are: Alaska (6.4%) 50th, New Hampshire (7.4%) 49th, Delaware (8.0%) 48th, Tennessee (8.3%) 47th, and Alabama (8.7%) 46th. See effective state tax burden table
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