07 Jul What Is The Relationship Between Market Value And Assessed Value For Property In Louisiana?
Posted at 15:47h
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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:
| Classifications | Percentage |
| Land | 10% |
| 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.