Louisiana Homestead Exemption

Louisiana Homestead Exemption

There are many tax advantages to owning your home in Louisiana. To begin with, Louisiana's property taxes are low - especially in areas such as Sabine and DeSoto Parishes. But, that's not all Louisiana also enjoy a homestead exemption law that reduces them to little or nothing.

Louisiana Homestead Exemption

Basic Homestead Exemption Information

What is the Homestead Exemption? The homestead exemption is a tax exemption on the first $75,000 of the value of a person's home. The value of your home is exempt up to $75,000 from state and parish property taxes. The exemption applies to all homeowners. If your home is worth $70,000, you are fully exempt from the payment of property taxes. If it is worth $90,000, you are exempt on the first $75,000 of value; and you pay taxes only on the remaining $15,000 of value. If your home is worth $200,000, you are exempt on the first $75,000 of value; and you pay taxes on the remaining $125,000 of value.

Louisiana Homestead - Filing

When and how do I file for my Homestead Exemption? After you go to your Act of Sale, your attorney or notary will file your act in the Conveyance Office of the Parish Clerk of Court. A short time later you will receive a recorded copy of your title along with the recordation numbers, the Conveyance Office Book and Page number (known as the C.O.B and Folio) and the instrument number. After you receive the recorded copy of your sale, bring it and the C.O.B. and Folio number to the Parish Assessor's Office and file for your homestead exemption. You must own and occupy the property to qualify for the homestead exemption. The property owner must come into the Assessor's Office personally to file for the exemption.

Louisiana Homestead Exemption - Filing Every Year Must I file for the Homestead Exemption every year? Initially you must file for the homestead exemption in person. Each year thereafter you will receive a renewal card in the mail. As long as you still own and occupy that same property as your residence, simply return the card to this office, and your homestead exemption will automatically be renewed for the following year. If you sell that property and move to another location, you must again appear in person at the Assessor's Office to file a new homestead exemption for your new home.

Louisiana Homestead Exemption - Assessment on your home

The Louisiana Constitution establishes the assessment on your home (and on all other residential property) at 10% of the fair market value of that property. The fair market value will often be the sales price of your new home, particularly if you purchased your home recently.

Louisiana Homestead Exemption - Current Constituted HB252

current constituted HB252 would keep the Homestead Exemption at the current $75,000 amount but simply have it begin at $10,000 in a home's value and exempt all taxes up to $85,000.

In other words, everyone would have to pay taxes on the first $10,000 of their home, but the next $75,000 would remain exempt. Since in many parishes the majority of homes are worth at least $85,000, the impact in most places is minimal. Yet, in parishes like St. Helena, where only a handful of homes meet the property tax threshold, more money would flow into local governments.

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