What is Homestead Exemption
What is homestead exemption? it’s a property tax discount often given to someone who owns a property and who lives in it as their primary residence. A Homestead exemption varies from state to state this video covers Homestead Exemption in Louisiana. In Louisiana, we have property homestead exemption
A homestead exemption is most often on only a fixed monetary amount, such as the first $75,000 of the assessed value. The remainder is taxed at the normal rate. A home valued at $175,000 would then be taxed on only $100,000 and a home valued at $100,000 would then be taxed on only $25,000.
The exemption is generally intended to turn the property tax into a progressive tax. In some places, the exemption is paid for with a local or state (or equivalent unit) sales tax.
Louisiana exempts the first $75,000 of the residential homestead from local property taxes.
So how much can homestead exemption really save you in a real life scenario here in Ascension Parish? Take this example alone: you have a home that’s worth 220k
with no homestead exemption your taxes would be $2750 but if you had filed $1812.50 a savings of 937.50
So Who Qualifies for Homestead Exemption on Property Taxes in Louisiana?
In order to qualify for an exemption from property taxes, you must own and occupy the property. Only one primary residence per individual or married couple qualifies for the Louisiana Homestead Exemption.
Soon after the Act of Sale on your recently purchase property, your attorney, notary or closing company will file your act of sale in the Conveyance Office of the Parish Clerk of Court. Shortly after filing, you will receive a recorded copy of your title along with the necessary information you will need to bring to your Parish Assessor’s Office and file for your homestead exemption. The property owner must personally file for the exemption at the Assessor’s Office. In Ascension Parish you can now do it online http://www.ascensionassessor.com/Home
If you would like to read the full law pertaining to Louisiana Homestead exemption:
Full Homestead Exemption Law
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