Trade apps offered for business
August 7, 2012
Fletcher’s new campus lauded for business model
August 7, 2012
A reassessment of real estate in Terrebonne Parish has boosted the value of property by an average of 10 percent. While homeowners and businesses can take satisfaction with the increased value, Terrebonne Parish Assessor Loney Grabert cautions that the valuation also means a jump in property taxes.
“If you own a home, the good news is your equity has increased,” Grabert said. “The bad news is your taxes could go up.”
In the case of Terrebonne Parish, those tax levels are based on an average of 98 mills. The lowest millage levels are 72.81 while the highest are 111.05 depending on location. Other factors, such as city taxes, can also play into forming individual tax bills.
“The only part we have to do with taxes is assessing the value of property,” Grabert said. “We appraise the fair market value of real estate and from that tax levels are calculated based taxes approved by voters.”
While property values have decreased in many parts of the country, the Tri-parish region has at worst remained stable and best seen modest increases during the past four years. This is reflected with real estate sales.
“Remember, we never got hit like other states where you can get [property] for what it appraises,” Realtor Mona Christen said. “We have kept our values pretty steady.”
According to the National Association of Realtors, a median-priced home in the South was $165,000 in June, up 6.6 percent from one year ago.
A survey of homes in the Tri-parish region found an average market value ranging from $185,867 in Lafourche Parish to $196,966 in Terrebonne Parish and $236,891 in St. Mary Parish.
NAR Chief Economist Lawrence Yen said in a news release that a decline in real estate inventory has contributed to boosting value. “This, in turn, is pushing up home prices in many markets,” he said. “The price improvement also results from fewer distressed homes in the sales mix.”
When it comes to paying taxes on the value of those homes and business locations, the Louisiana Tax Commission explained that property taxes are based on 10 percent values combined with voter-approved millages.
At its most basic level, if a land assessment is $100,000 then the assessment value would be $10,000. Taxes are then calculated depending on how many millages – a mill is one 10th of a cent – if the owner gets a homestead exemption and other factors.
Grabert noted specific situations that may impact valuation for property owners. For example, a disabled homeowner may be able to freeze a property’s value. Applications for this freeze can be completed at the assessor office in the Terrebonne Parish Government Tower. Those seeking the freeze should present the homeowner’s driver’s license and a current letter from the Social Security Administration stating benefits being received. Disabled veterans with a 50 percent or more level need to present a letter from the Veterans Administration.
Veterans listed as 100 percent disabled are entitled to a homestead exemption of $150,000 instead of the standard $75,000. To register for this adjustment, one may apply at the assessor’s office and present a Veteran’s Administration card, letter from the Veterans Administration confirming 100 percent disability and that no further examinations are scheduled. The Veterans Affairs’ office in the Terrebonne Parish Government Tower can stamp letters for verification.
Persons 65 or older could benefit for a senior citizen freeze on current property value. The homeowner needs to present a driver’s license, a 2011 federal income tax return or Social Security benefit statement. To be eligible, one’s adjusted gross income must be $68,065 or lower.
“Homeowners pay more property tax than ever before,” Grabert said. “That’s why we seem to be paying more attention to reassessments than in the past.”
According to Louisiana law reassessment is required every four years. Grabert said that the state has designated now through Sept. 7, but added his office welcomes people to review their records anytime.
Property owners should be receiving assessment notices in the coming weeks.
The deadline for appeals is Sept. 12.
Terrebonne Parish Assessor Loney Grabert looks over required reassessment figures for 2012. According to his calculations, property values in Terrebonne Parish have increased on average by 10 percent since the previous required reassessment was conducted in 2008.
