A homestead is defined by Louisiana law as a tract of land or two or more tracts of land even if the land is classified and assessed at use value with a residence on one tract and a field with or without timber on it, pasture or garden on the other tract or tracts, not exceeding (160) acres, buildings and appurtenances, whether rural or urban owned and occupied by any person or persons owning the property in division.
Homestead Exemption
Homestead Exemption
A homestead is defined by Louisiana law as a tract of land or two or more tracts of land even if the land is classified and assessed at use value with a residence on one tract and a field with or without timber on it, pasture or garden on the other tract or tracts, not exceeding (160) acres, buildings and appurtenances, whether rural or urban owned and occupied by any person or persons owning the property in division.
The following conditions must be met before a homestead exemption is allowed:
the taxpayer must own the property
the taxpayer cannot lease / rent the property
the taxpayer must reside on the property he/she owns
the affected tax must be state, parish or special ad valorem
If these conditions are met, the state allows one homestead exemption per landowner, exempting the homestead from state, parish and special ad valorem taxation to the extent of $7,500 of assessed valuation (or $75,000 of fair market value). It does not however exempt the homeowner from ad valorem taxes levied by local municipalities.
The same homestead exemption shall also apply to the primary residence, including a mobile home, which serves as a bona fide home, is owned and occupied by any person or persons owning the property in division, regardless of whether the homeowner owns the land upon which the home is located.
Homestead exemptions are based upon conditions existing as of January 1st every year. For example, if an individual is building a new home and it is not complete as of January 1st, no homestead exemption shall be granted and only the land value shall be subject to ad valorem taxation.
Individuals who purchase a home after January 1st that already has an existing homestead exemption shall retain the exemption for the balance of the year; the individuals shall also retain the homestead exemption indefinitely as long as the home remains their primary residence. Individuals who purchase a home after January 1st that does not have an existing homestead exemption must wait until the following year to receive the exemption. In this case, applications may be submitted anytime from the date of purchase until July 31st of the following year.
LaSalle Parish offers a permanent homestead exemption, once you apply for the exemption you need not reapply annually. If, however, you sell your property you must reapply if you buy or build another residence.
The homestead exemption does extend to the following:
surviving spouse or a former spouse
property owned by an irrevocable trust
usufructs (no more than 2) who were the immediate prior owners of the homestead
property owned in division, limited to the pro-rata ownership interest of the person(s) occupying the homestead
The homestead exemption does not extend to the following:
property owned by a partnership or corporation
bond for deed purchases
property held in a revocable trust
property held for commercial purposes
the portion of income producing property not occupied by the owner as his/her primary residence
purchase arrangements which do not transfer title, i.e., lease purchase agreements
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