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Tax rates are based on millages or bond issues that have been voted on by registered voters in particular districts or as established by the Legislature or State Constitution. The tax monies collected for the districts must pay for schools, roads, fire protection police, law enforcement, along with other services that the taxpayers demand and desire form local government. Examples of how to calculate taxes on your property are listed below. The first example is property with a “fair market value” of $100,000, which means that the assessed value of this residential property would be 10% or $10,000. Let's assume a millage rate or tax rate of 130 mills, and you are eligible and have signed for homestead exemption, your taxes would be calculated as follows:
10,000 (Assessed Value)
- 7,500 (Maximum Homestead Exemption)
2,500 (Taxable Value)
x .130 (130 Mills (Tax Rate)
$ 325 (Total Parish Taxes Due)
To calculate taxes on personal property, with a value of $40,000, taxes would be calculated as follows:
$ 40,000 x 15%
= 6,000 (Assessed Value)
x .130 (130 Mill Tax Rate)
$ 780 Total Parish Taxes Due
NOTE: Homestead Exemption Does Not Apply to City Taxes |
