GLOSSARY OF TERMS
- Commercial Appraisal
Appraisal of the “fair market value” of all commercial land and improvements. The improvements include, but are not limited to casinos, hotels, motels, apartments, offices, warehouses and retail stores.
Fair market value
is defined by Louisiana Revised Statute 47:2321 as follows:
“Fair Market Value is the price for property which would be agreed upon between 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 sale 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.”
Finding the “fair market value” of your property involves discovering the price most people would pay for it in its present condition. It is not quite that simple, however, because the assessor has to find what this value would be for every property every year. The assessor’s job doesn’t stop there. He must immediately begin gathering sales and other data for future years as the market is constantly changing.
- Homestead Exemption
Homestead Exemption is a property tax exemption for qualified owners of a bona fide homestead. See Homestead Exemption.
- Louisiana Special Assessment
Louisiana Special Assessment is a special provision for qualifying taxpayers age 65 and over to freeze their assessment amount based on their prior year income level. See Louisiana Special Level Assessment.
- Millage Rates
A mill is a tax rate passed by a vote of the people. It is defined as 1/10 of one cent and is multiplied by the assessed value after any exemptions have been subtracted to calculate the taxes. For example, if the tax rate is 120 mills and total assessed value is 10,000 with no exemptions, the taxes would be calculated as $10,000 x .120 = $1200.00. If for the same house you had a homestead exemption the taxes would be (10,000 – 7,500) x .120 = $300.00 in taxes. This demonstrates the importance of signing up for homestead if applicable.
A parish permit is required for commercial and residential construction and reconstruction, mobile homes, culverts/drives, and road boring. Loggers are also required to obtain a permit for each crew they employ. See Forms.
- Personal Property
Personal Property or movable property includes, but is not limited to, inventory, furniture, fixtures, machinery, equipment, and leasehold improvements.
- Property Transfers
Changes in ownership or legal descriptions based on documents filed in the conveyance records of the Bossier Parish Clerk’s Office.
- Residential Appraisal
Appraisal of the “fair market value” of residential property. This includes land and any improvements, both city and rural. These improvements can be residential homes, manufactured homes, or any type of miscellaneous improvements from boat docks to storage buildings.