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The Assessor must first arrive at the “fair market value” for your property. Fair Market Value is defined as “the price agreed upon between a willing and informed buyer and a willing and informed seller under usual and ordinary circumstances; it shall be the highest price estimated in terms of money which property will bring if exposed for sell on the open market with reasonable time allowed to find a purchaser who is buying with knowledge of all the uses and purposes to which the property is best adapted and for which it can be legally used.” Keeping current with cost of construction, changes in zoning, financing and economic conditions which may affect property values are other duties of the Assessor. The Assessor uses the three nationally recognized appraisal approaches to value, those being cost , income and market. This data is then correlated into a final value estimate by the appraiser. This value is then applied to the appropriate percentage required by law to determine your “assessed value”. Improvements shall be added to the rolls on January 1, following the year the improvements were completed. Value of the improvements will be indexed to the date of the last reappraisal. Louisiana Law dictates the Assessor to reappraise and reassess real property, at least once every four years. Personal property is to be reappraised on an annual basis.
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