HOW ARE TAXES CALCULATED?
Tax rates are based on millages, bond issues, and fees that have been voted by registered voters in the various districts that have been established by the Legislature or the Constitution. The tax monies collected for the districts go to pay for schools, roads, law enforcement, fire protection, and other services that the taxpayers demand and desire from local government. To calculate the taxes on your property, you must take the assessed value, which is a percentage of “fair market value”, and multiply it by the appropriate tax or millage rate to arrive at the amount due. If, as an example, you have $1000 of taxable assessed value and the appropriate tax rate is 70 mills, you would pay $1000 x .070 = $70 in taxes. If your home is valued at $100,000 and assessed at 10 percent, or $10,000, and you are eligible and have signed for a homestead exemption, you would calculate your taxes as follows:
| Amount | Description |
|---|---|
| $10,000 | Assessed Value |
| − $7,500 | Maximum Homestead Exemption |
| $2,500 | Taxable Value |
| × 0.070 | Parish Tax Rate |
| $175 | Total Parish Taxes Due |
NOTE: The example is for parish taxes only, as the homestead exemption does not apply to city taxes or extra “fees.”
