March 2nd, 2008 categories: Real Estate News
If you live in your condo and consider it your Louisiana residence you are qualified to receive a homestead exemption of $75,000, exempting $75,000 of value from your property taxes. The only caveat is that you have to file for it at your assessors office in your Parish after you have gone to an act of sale. If you have a condo that you paid $175,000 and you file for the homestead exemption then the millage rate is times $100,000. $75,000 time a mileage rate of .1288 is a savings of $966 for every year.
The rules are different in each Parish as to what you need to bring with you. In St. Charles Parish you can bring your HUD statement and that is all you need. In Jefferson Parish the assessor has to have the copies of the stamped property filing. In New Orleans you may be able to fax the paperwork to the assessor depending upon its rules. Its a saving on your property tax bill. If the millage rate is 12 mills then you save $900 per year. The tax rates or mileages will vary by community, city and Parish.
I listed home at the end of last year where the seller had never filed for the exemption. He did not get it and thus overpaid their property taxes. This was a recent case where the young doctor was doing his residency and did not file for his exemption costing him over $5000 for his four years that he was here. Ouch! Trying to get money back is harder than getting brain surgery. This only has to be done once so do not forget!!! See a related article on New Orleans Reduces Milleage Rates and Homestead Exemptions.
Federal FibreMills Courtyard , Winters Title Millage Rates.