To find an estimate of your yearly taxes you start by multiplying the current Market Value by 10%. This gives you the assessment on the parcel. If a Homestead Exemption (HEX) is in place you would then subtract $7500 ($75,000 HEX x 10%) from the assessed value to get the taxable amount. If the parcel does not have a HEX, then the assessment is also the taxable value.
Once you have the taxable value you multiply that amount by the millage for your particular ward. The product of that will yield the amount of taxes paid for the year. To find a monthly breakdown of the taxes, simply divide the yearly tax by 12.
See example below:
|Property Tax Calculation Sample|
|Market Value =||$200,000|
|Assessed Value* =||$20,000|
|Homestead Exemption Deduction (if applicable)||-||$7,500|
|Taxed Value =||$12,500|
|Assessed value is the Taxed value if no Homestead Exemption is in place.|
|Millage Rate (for this example we use the 2018 millage rate for Ward 82, the Metairie area)||x||.11340|
|Yearly Taxes =||$1,417.50|
|Take the Yearly Taxes, and divide by 12.|
|Taxes per month =||$118.13|