Condo Taxes vary by Parish
New Orleans Metro

 


New Orleans Lowers Tax Rates

"Making good on a unanimous pledge, the New Orleans City Council slashed the city's tax rate by 27 percent to 128.44 mills, a rate that makes owning property in the city competitive with neighboring Jefferson Parish for the first time in years."

"The action, made possible by a huge readjustment of historically inaccurate property assessments in New Orleans, also brings the city's tax rate well below that of St. Tammany Parish, the suburb that has drawn city dwellers like a magnet in recent years. "

"The news should make the new property valuations -- massive spikes for some homeowners -- somewhat more palatable. For instance, the owners of a home that was valued at $750,000 last year and is now appraised at $1 million should see virtually no increase in their taxes. The same would apply to the owners of a home whose value went from $200,000 to $250,000. "

"State law requires taxing bodies to lower millage rates after property is reassessed so higher property values don't result in automatic windfalls to government. However, with a two-thirds vote, local governments may then "roll forward" the millages to their previous rates." 
Times Picayune 12-01-07
 

 

 Homestead Exemption $75,000

Taxes on a condo are going to be different from parish to parish and slightly different between the various towns. They are the same rate as a home.If you are using the condo as your primary residence you will be able to claim your homestead exemption. This is a 75k reduction on the value of your condo. Your assessed value will be your sales price times the tax rate. You will have to file for your homestead exemption once your sale is recorded. This will be your only amount that your lender may hold in escrow so you can pay taxes out of this fund. Orleans parish collects taxes for the year ahead. Jefferson and the other metro parishes collect in arrears. This is an approx. rate for each parish but will vary per area and taxing district.

 175k home minus the 75k homestead exemption leaves you 100k. times your millage rate.

 Orleans Parish        12.844 or $1284.40         per 100k 
 Jefferson Parish     .111 or  $1110          certain areas vary by town
 St. Charles Parish   .114 or  $1140          westbank and eastbank diff.
 St. Tammany          .160 or  $1600         about 40 different areas
 St. John                .126 or  $1260         westbank and eastbank diff  
 St. Bernard           .108 or  $1080          slight variation for 6 areas
 Plaquemines            .065 or  $650          parish wide
 

 Parishes also have fees attached to water and sewerage bills for additiona revenue which will vary by parish. Car insurance rate will vary greatly as will home owners insurance. Best to get a quote from your Agent. I have the exact numbers upon request. These differences will show up in your condo fees, as there is no free lunch for property owners.

Eric Bouler
Eric Bouler
Realtor