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Louisiana Homestead Exemption

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Title: Louisiana Homestead Exemption


1
LouisianaHomestead Exemption
  • Implications of
  • Residential Real Estate Relief
  • On Businesses

2
Classifications of Property
  • Land 10
  • Residential Imps 10
  • Electric Coops 15
  • Public Service Property 25
  • All Other Property 15

3
Use Value Assessment
  • Agricultural, Horticultural,
  • Marshland, Timberland
  • 3 acres or more, or
  • Produces 2,000 income in previous 4 years
  • Assessed at 10 of use value
  • as opposed to 10 of FMV

4
Homestead Exemption
  • Current Amount 7,500 of A/V
  • Historic Amounts
  • 1930 2,000
  • 1974 3,000
  • 1975 5,000
  • 1980 7,500

5
Exemption May Cover
  • Multiple tracts up to 160 acres
  • Residential improvements
  • including mobile homes
  • Land assessed at use value

6
Additional information
  • Taxpayer must own and occupy
  • Only 1 home per person/persons is allowed
    exemption
  • Exemption does not apply to land upon which
    residence is sited if homeowner does not own the
    land

7
Who Qualifies?
  • Owner who occupies
  • Surviving spouse/former spouse as partial owner,
    usufructuary, beneficiary of trust
  • Trust when prior owner is beneficiary and
    previously qualified
  • Usufructuary who is prior owner and previously
    qualified
  • Owner in indivision with limitations
  • Bond for Deed exemptions granted prior to 6/20/03
    and still in effect

8
Additional Information
  • Not applicable to municipal taxes with the
    exception of some taxes in New Orleans
  • Disaster or Emergency Declaration by Governor
    allows continuation of exemption on uninhabitable
    residence for 5 years with the owners intention
    to return

9
Special Assessment Level
  • Freezes the assessed value of homestead for
    certain groups of individuals whose income is
    below a certain level
  • Who qualifies?
  • 65 years of age
  • 50 Service related disability
  • KIA, MIA or POW
  • 100 disabled

10
2007 Assessed Values
  • Total Assessed Value 31,972,912,866
  • Real Property 18,965,829,120
  • Personal Property 9,565,628,826
  • Public Service 3,441,454,920
  • Homestead Exemption ( 6,194,980,444)
  • Taxable Value 25,777,932,422

11
2007 Taxes
  • Total Taxes 3,523,972,544
  • Homestead Taxes 683,382,883
  • Taxes Collected 2,840,589,661
  • 1,149,497 homesteads
  • 639,200 100 homesteads

12
Business Incentives
  • Louisiana Economic Development
  • .
  • These business incentives are funded by the State
    of Louisiana to attract and cultivate business,
    and are administered by La. Dept. of Economic
    Development
  • These incentives are in addition to available
    Federal Business Incentives and numerous
    Financial Assistance Programs

13
Incentives
  • Enterprise Zone income and franchise tax
    credits hiring minimum number of net new
    employees
  • Quality Jobs provides cash rebate to encourage
    targeted new businesses to locate in Louisiana
  • Restoration Tax Abatement encourages expansion
    restoration of existing structures by deferring
    taxes on the renovation/improvement

14
  • Industrial Tax Exemption Up to 10 yrs exemption
    from property tax on capital investments in
    manufacturing business
  • Research Development Tax Credit Offers credit
    against state income and corporation franchise
    taxes for research and development activities

15
  • Industry Assistance Program Offers tax
    exemption when manufacturers give preference and
    priority to Louisiana manufacturers, suppliers,
    engineers, labor
  • Tax Equalization Program Encourages
    manufacturers by equalizing the overall taxes to
    be paid if choosing Louisiana over another state
    with a lower total tax burden

16
Federal Business Incentives
  • Gulf Opportunity Zone
  • Renewal Communities Tax Credit
  • New Markets Tax Credit

17
Financial Assistance
  • Economic Development Award Program
  • Small Business Loan Program
  • Contract Loan Program
  • Venture Capital Match Program
  • Venture Capital Co-Investment Program
  • Louisiana Seed Capital Program
  • BIDCO Investment Program
  • Workforce Development Program

18
Whats Next?
  • Each year, we see proposed legislation which
    would increase the homestead exemption or give
    additional credits
  • 2008 5 bills
  • 2007 6 bills
  • 2006 4 bills
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