10 Mar What are the laws in regards to millages and reassessment?
Requires all property subject to taxation to be reappraised and valued at least once every four (4) years.Art. VII, §23 (B}(C} and (D) of the La Const.
Mandates the adjustment of ad valorem taxes either upward or downward depending on property values.
Authorizes increase in the millage rates after reassessment but not in the excess of the prior year's maximum millage.
Reassessment does not apply to millages levied for the payment of general obligation bonds.Reassessment Results
Decrease in taxable property value-
Millage rate will increase so as to receive the same dollars as was received the previous year.
Increase in the taxable property value-Millage rate will decrease so as to receive the same dollars as was received the previous year. Taxable property values stay the same- No adjustment will be made to the millage rate. Property Affected by Reassessment
All property is subject to taxation except
Bond millages; and
· New or "renewed" millages for that reassessment year.
New property going on the tax rolls for the first time will not be included in the taxable property valuation.
Each millage rate is adjusted individually.