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re: LaTonya has a new way to increase revenue
Posted on 7/30/19 at 7:41 am to TheHarahanian
Posted on 7/30/19 at 7:41 am to TheHarahanian
I've asked this in a different thread but I am confused about how Louisiana does assessments. We own property in 3 states and they all follow the same basic procedures.
The assessed value can go up to whatever the assessor believes is fair cash value. if it goes up a certain amount, the landowner should get a notice and if they dispute it, there are due process rights.
However, your taxable value can only go up 3-5% (3% if homesteaded) per year until the property is transferred. For instance, if you have owned a piece for a long time the assessed value could quadruple but you would never be paying on that amount in your lifetime.
The assessed value can go up to whatever the assessor believes is fair cash value. if it goes up a certain amount, the landowner should get a notice and if they dispute it, there are due process rights.
However, your taxable value can only go up 3-5% (3% if homesteaded) per year until the property is transferred. For instance, if you have owned a piece for a long time the assessed value could quadruple but you would never be paying on that amount in your lifetime.
2
Posted on 7/30/19 at 7:55 am to El Segundo Guy
quote:
The assessed value can go up to whatever the assessor believes is fair cash value. if it goes up a certain amount, the landowner should get a notice and if they dispute it, there are due process rights. However, your taxable value can only go up 3-5% (3% if homesteaded) per year until the property is transferred. For instance, if you have owned a piece for a long time the assessed value could quadruple but you would never be paying on that amount in your lifetime.
Good system, but that’s not how it works here.
We should talk to our state legislators about making this a priority to get a gradual increase type system for property taxes implemented in this state - pronto!
Posted on 7/30/19 at 8:51 am to El Segundo Guy
quote:
However, your taxable value can only go up 3-5% (3% if homesteaded) per year until the property is transferred. For instance, if you have owned a piece for a long time the assessed value could quadruple but you would never be paying on that amount in your lifetime
It probably works that way because the millage is set-up to collect a certain amount of revenue in a given year. When the assessments are updated, then the millages are supposed to be adjusted accordingly.
Unfortunately for LA, they are just as slow in adjusting the millages as they are in performing their allotted annual assessments. And when no one complains about the millages not being properly adjusted, they just use that surplus as they deem fit.
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