Buying NOLA Real Estate | What’s a Homestead Exemption?

    Property taxes

    New Orleans Homestead Exemption

    Property taxes are always a concern for first time home owners and for people moving from other parts of the country where the taxes can push your monthly mortgage payment into the stratosphere.

    If you are going to occupy the property you are buying in New Orleans, you need to know about the Homestead Exemption, which saves you approximately $900 per year on property taxes in Orleans Parish.

    Once your purchase is recorded, the title (closing) company will send you a copy of the recorded documents that you will need to file for the exemption. If you haven’t received these in 4-6 weeks following your closing, contact the title company to follow up.

    Homestead exemption facts

    “A “domicile” is one’s permanent, owned residence. A person can have only one domicile. Every homeowner in Orleans Parish is able to claim an exemption from property taxes for the first $75,000 of value of their “domicile” or the home they occupy as their primary residence, guaranteed by the State Constitution.”

    • Your homestead exemption is permanent, as long as you continue to live in the property. No annual reapplication is required once initially approved.
    • Additional exemptions and/or freezes are available for home owners over 65 years of age, disabled homeowners and 100% disabled veterans. See Exemptions on the New Orleans Assessor’s website.

    How to file your homestead exemption

    To claim a Homestead Exemption, a person must appear in person at the Assessor’s Office and present the following:

    1. Proof of ownership (Act of Sale or Warranty Deed);

    2. A valid Louisiana Driver’s License or Louisiana State I.D. (address must correspond to property’s address on application); and

    3. A current unpaid Entergy bill for the property, with service location and mailing address being the same, showing standard residential usage, a landline telephone bill, OR cable bill (Direct, Dish or Cox).

    Estimate your New Orleans Property Taxes

     

    Trackback from your site.


    One Response to “Buying NOLA Real Estate | What’s a Homestead Exemption?”

    Leave a Reply

    About our blog

    Our agents write often to give you the latest insights on owning a home or property in the Greater New Orleans area.