Photo courtesy City Business.

Assessor Williams applauds Act 58: Permanent Registration of
Homestead Exemption

In an effort to cut down the costly, inefficient and unnecessary
annual renewal of a homeowner’s Homestead Exemption, Assessor Erroll
G. Williams worked with the New Orleans legislative delegation to
pass a state law which makes the valued exemption permanent.

Authored by Rep. Jared Brossett and recently signed into law by the
Governor, Act 58 requires the Orleans Parish Assessor to provide
property owners a form for permanent registration of the Homestead
Exemption.

Previously, homeowners would have to renew their Homestead
Exemptions annually via a return-mail form from the Assessor. It is
estimated moving to the permanent Homestead Exemption registration
will save more than $60,000 annually.

The State Constitution guarantees a Homestead Exemption for each
eligible Louisiana homeowner. The Homestead Exemption was set by
voters in 1980 at $75,000 of market value ($7500 of assessed value)
and is covered by Article VII, Section 20 of the Louisiana
Constitution. According to the State Constitution, residential
property is assessed at 10 percent of its fair market value for
property taxes.

The Homestead Exemption on a property is guaranteed for as long as
the individual owns and is domiciled at that property in Orleans Parish.