07 Jul What Is The Relationship Between Market Value And Assessed Value For Property In Louisiana?
Posted at 15:47h in Uncategorized
In Louisiana, the classification of property subject to ad valorem taxation and the percentage of fair market value applicable to each classification for the purpose of determining assessed value are as follows:
|Improvements for Residential||10%|
|Improvements for Commercial||15%|
|Business Movable Property (Personal)||15%|
|Public Service (Excluding Land)||25%|
Bonafide agricultural, horticultural, marsh, and timberlands as defined by Revenue Statues shall be assessed for tax purposes at 10% of use value rather than market value. The Louisiana Tax Commission sets these values.