The property value freeze program enables certain people to "freeze" the assessed value of their homes at the January 1, 2016 value. In other words, if your home in Lafayette Parish was valued at $100,000 as of January 1, 2016, the value of your home will be frozen until the home is sold or remodeled. In the event the property is sold, the special assessment level shall terminate on the last day of December in the year prior to the year the property sold.
This does not mean that your taxes are frozen. Taxes paid will not be frozen because taxes are calculated by multiplying the taxable assessed value by the millage rate. Although the taxable assessed value will not change, the millage rate may change from year to year.
This means that if your home was valued at $100,000 as of January 1, 2015 and you claimed a $7,500 homestead exemption, your taxable assessed value would be $10,000 - $7,500 or $2,500. If your home is in Lafayette Parish but outside the city limits of a municipality, your millage rate for 2015 was 85.39. Your parish taxes in 2015 would have been $2,500 x .08539 or $213.48. The millage rate increased in 2016 to 85.66, meaning that your parish taxes for 2016 increased to $214.15 even though the value of your home was frozen at the market value of $100,000.
To learn more about how your taxes are calculated, click here.
To be eligible for this valuation freeze you must meet ONE of the following requirements:
· Totally Disabled
· A partially disabled veteran (at least 50%)
and ALL of the following requirements:
· Have a 2016 adjusted gross income of $72,134 or less as required on your federal income tax return (if husband and wife file separately, the combined income for both must be $72,134 or less)
· Provide proof of age and income
Please note this freeze applies only to the land and buildings that are eligible for homestead exemption. Only the assessed values of these items will be frozen. The millage rate and therefore the taxes are not being frozen.
For complete details about the program and to apply for the freeze, please come to the Assessor's Office located on the 4th floor at 1010 Lafayette Street, Lafayette, LA. Applicants need to bring 2016 Income Tax Return AND valid Driver's License; if applicable, applicants will also need to bring their government-issued document stating disability amount. If you need additional information, please call our office at 291-7080. Parking is available on the left side of the building.