This is a subject very few people know about. A client of mine educated me about this a few months ago and was asking if it can be done in Lafayette (She is moving here from another area in Louisiana). Good read and good information!
The Property Value Freeze Program enables eligible homeowners to “freeze” the assessed value of their
homes at the January 1, 2011 value. In other words, if your home in Lafayette Parish was valued at $100,000 as of January 1, 2011, that value will be frozen until the home is sold or remodeled.
It is important to note that this does not mean that your taxes are frozen. Property taxes will not be frozen because those taxes are calculated by multiplying the taxable assessed value by the assigned millage rate. Although the taxable assessed value will not change, the millage rate may change from year to year.
As an example, if your home was valued at $100,000 on January 1, 2009 and you claimed a $7,500 homestead exemption, your taxable assessed value would be $2,500 ($10,000 – 7,500). If your home is within the Parish of Lafayette but located outside the Lafayette City limits, your millage rate for 2009 was 86.29. Your total taxes due would be $2,500 x .08629 or $215.73. Note: The millage rate decreased in 2010 to 85.89, therefore the property taxes due would have decreased to $214.73. However, the taxable assessed value of your home remains at $2,500.
To learn more about how your taxes are calculated, click here.
To be eligible for the Property Value Freeze Program you must meet ONE of the following requirements:
- Be totally disabled,
- Be a partially disabled veteran (at least 50%), or
- Be 65 years in age or older on or before January 1, 2011
and ALL of the following requirements:
- Claim a Homestead Exemption.
- Have a 2010 adjusted gross income of $65,891 or less as required on your federal income tax return (if husband and wife file separately, the combined income for both must be $65,891 or less).
- Provide proof of age and income.
- File a permanent application with the Assessor’s Office.
It should be noted that the Property Value Freeze applies only to the land and buildings that are eligible for homestead exemption. Only the assessed values of these items will be frozen. The millage rate is not frozen and therefore the taxes are not being frozen.
If you are interestred in additional details about the Property Value Freeze Program or wish to apply for the program, please visit the Lafayette Parish Tax Assessor’s Office. It is located on the 4th floor at 1010 Lafayette Street, Lafayette, Louisiana. You may also call their office at (337) 291-7080. Parking is available on the left side of the building. Applicants are reminded to bring their 2010 Income Tax Return AND a valid Driver’s License.
Click here to download the form.
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