What is Homestead Exemption
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- เผยแพร่เมื่อ 17 ก.ค. 2024
- 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 www.ascensionassessor.com/Home
If you would like to read the full law pertaining to Louisiana Homestead exemption:
Resource Articles
www.kalb.com/content/news/Law...
Full Homestead Exemption Law
www.legis.la.gov/legis/law.asp...
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Thank you I just purchased my 1st home and we closed on our beautiful home last week. This will definitely helped us.
Great video. Your production work keeps getting better and better.
Never really understood what homestead was actually for, just knew I got a tax break. Great information, thank you for breaking it down.
This is great information about homestead exemptions. I think it's the same in Mississippi, where I live.
That’s good information, thanks!!
Ok ! This is great information ℹ️
A lot of good technical info. Thanks for making it not so technical for us non technical people LOL
Thank you I am looking up WV now
Interesting and well spoken. thanks
This is a great video!
Thank you for the super helpful video! I am voting for the first time and I wanted to know more about the Amendments I was voting on and this video gave me a very helpful breakdown. So thanks for your hard work! I really appreciate it.
Thank you for voting!! I’m glad the video helped out.
YOU, posting an amazing informative video about Homestead Exemption.. ME, hitting pause in the middle of your video and verifying with my husband that we filed. Thanks Kristina 🤗. PS. Months ago Spectrum ran a new cable in front of our house from one end of our front property to the other. The cable is coming out of the green dome thing (seemingly in every one’s yard) and it’s hanging down off the fence/wall, down the sidewalk along the street and back up to the utility box between us and neighbor. Utilities guy marked all over the sidewalk and our lawn yesterday... we were told, only because we asked him, that the white line is where they will be digging up your lawn and burying the cabling. (I mentioned there is a sprinkler system in the yard installed by the previous owner). That’ll be entertaining to see. The white line also goes across the front stone walkway. He’s sure they’re going under and not damaging the walk. I try not to assume anything. He clarified the drawn lines on the sidewalk indicate the original cable but it’s simpler to dig up and bury it in our yard. Maybe next video topic: remind folks about the 5’-10’ easement around their property, if you haven’t done one already. :) It’s on the property surveys, but, just love it when they remind you. Hugs
Miss you guys.
Thanks for the Info have to look it up for TX. No idea what a Parish is. Like a County?
You help me so much
Thanks 👍
My husband and i need to move for work. We bought a home, but will need to be renting an apartment in a different state. Can i keep the homestead exempt on my house or does that go away because i am renting an apartment?
What if my home is valued at only $50000 and there is the $75000 Homestead exemption does that mean I wouldn't owe anything?
Wow. I didn’t know you were in ascension parish!
Yup!! Home of the best Jambalaya!!
Does the Parish have age/disability, related property tax exemptions?
If a married couple has a primary residence and one of them passes on, does the property tax exemption for that person also go away? What happens when the property is placed into a trust? Probably all county specific, got a bunch of research to do 😥
@@KristinaSmallhorn I can tell from this short video your parents are wonderful people. Luckily they have that option to freeze their property taxes. Wish that could be done here where I live.
@@KristinaSmallhorn It's the young people here who find themselves moving away from here. Can't blame them for looking at better job markets, cheaper cost of living and housing. Me? I'm stuck here as long as Mrs Nutz is alive. If I was by myself I'd leave tomorrow for Vietnam to drink coconut and sugar cane juices. Lots of vegan food there too 👍😂👍. Where would you live given your assets, for the rest of your life?
How you be in lifestyle like do you go to work unknow time, can you have kids, give married, and go church on Wednesday & Sunday or be full time vet and all that or you have to put all your time in this career for becoming Bio/Vet degree with a focus in large animal studies?
I’m confused by your question. This is a video about filing homestead exemption to reduce your property tax.
Does it matter if your house is paid off or not ??
any state where homestead exemption completely wipe out property tax、in other words is there any state or anyway to own land in america an NOT pay any property/land tax？i live japan it different here。
I have this its not much of A saving and you have to be 65 or older or almost dead the government is not doing us A favor In my opinion its not worth it especially in 2024 now the taxes are outrageously high
I love take a tip Tuesday
@@KristinaSmallhorn yes I did.thank you.😊
So if I buy a property for $75,000 and filed for the Louisiana homestead exemption then...I would be tax free? Is that the trick? Throw some solar panels up to the grid and get to farming. $75,000, title, insurance. What else?
That is the case. If it’s your primary residence and you file for home exemption you will pay nothing in property taxes. As long as the assessed value does not go up.
@@KristinaSmallhorn
What makes it not go up?
Thanks
So this is about rea estate in general not exactly real homesteaing"
It’s about “homestead exemption” a totally different topic then “homesteading”
Paying property tax means you don't own your land
What land does not pay taxes?
Unfortunately that is the way of the USSA. Nothing is owned, only rented from the government…
Dooadoodayrew
So a person would file a homestead exemption so that they don't have to pay property tax. Is that correct?