As property values rise freezing your assessment is one of the smartest financial moves you can make.
Here is how it works. Homeowners who become 65 can permanently freeze their assessments if they have an adjusted gross income below the scheduled amount. For tax year 2015, the amount is $71,563.00.
It is simple to apply. You must go in person to your assessor’s office with a copy of your latest tax return and your driver’s license. You only need apply once, as you do not have to reapply every year.
The special assessment is permanent as long as you continue to qualify: That means you continue to own and reside in your home. Your adjusted gross income does not exceed the scheduled amount for that year. The value of your house does not increase more than 25% due to construction.
If the owner dies the special assessment passes to the surviving spouse who has minor children or who is 55 or older and meets the other qualifications. Veterans who are at least 50% permanently disabled also qualify to for the special assessment freeze.
In Louisiana, property is reassessed every 4 years, so don’t wait to freeze your tax assessment.
For more information contact an attorney or the following websites:
The Louisiana Tax Commission
Orleans Parish Assessor’s Office
Jefferson Parish Sheriff’s Office
St. Tammany Parish Assessor’s Office