Orleans Parish Property Taxes
Property taxes in New Orleans are collected ahead of the year that you are taxed in. Orleans is one of 64 parishes that does this. This means when you purchase you are going to pay the seller back a % of taxes he has already paid when you go to the act of sale.
The tax rate is .14877 Mills or roughly $1500 per 100k of value. So if you buy something for 300k then most likely your taxes for the following year will be roughly $4500 without a homestead exemption.
If you live in the unit you will get a homestead exemption of 75k. Then the 300k price will be paying taxes on 225k. you save about $1125 when you file for the homestead exemption with the assessors office once the sale is recorded.
Tax Notes
1. Sellers will pay a $325 tranaction tax at the act of sale to the city.
2. Sellers get a pro rata share of taxes they have already paid as a credit at the act of sale. Selling on June 30 then the sellers gets 6 months of tax credit from the buyer.
3. Buyers who get loan will have to escrow for future taxes as well as pay sellers a credit.
4. The Title company that you close with collects, debits and credits the taxes and escrows to the various parties.
5. As a Buyer it is up to you to file for the Homestead Exemption with the assessors office once the sale has been recorded. You taxes will be based on the sales price of the unit.
1477 Louisiana Ave Suite 101
New Orleans
LA
70115
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