Louisiana to Raise Homestead Exemption?

By
Real Estate Agent with Frank Rubi Real Estate

This is one of the bills that our state legislature is considering.  The current exemption is $75,000 and they want to raise it to $150,000.  This would be the approximate amount if the exemption had been indexed to inflation over the years.  The $75,000 has been in place since 1982, while home values have risen dramatically.  Even after the past two years, home values are much higher.

Of course this means millions of dollars to our state and local governments.  You know there is plenty of opposition to this bill.  I think there is plenty of fat to cut from local school boards and government.  I also don't want to pay for their retirements starting at 55 and having a cost of living increase every year for another thirty years.

Kudos to Governor Bobby Jindal for voicing his approval to raise the exemption.  Maybe he realizes that this will leave more money to be spent by consumers.  The money multiplier expands much more rapidly than when it is taken in taxes.

I just want to give you an example of what happens to my taxes.  Before hurricane Katrina I paid around $800 per year.  This year my taxes went to over $2200.  A three hundred percent increase.  How many people had a three hundred percent raise any year?  I rest my case.

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Rainer
15,203
Andrew Chong
Realm Real Estate Professionals - Houston, TX

When the bureacracy of government gets addicted to that kind of revenue (300% increase), it's hard to break them of the habit. What's worse, they're never satisfied. Next year they would have created another program which needs more money and on and on. It's happening insidiously everywhere and there's more to come. I just saw a news report about the City of Chicago's city council trying to roll back a recent 1% sales tax increase. The president of the council intends to veto. When city councils and school boards are threatened with less tax revenue they all react the same way. Well, you know, we'll have to close the hospital, and the park, and the swimming pool. Well, yeah, at some point we as taxpayers don't want to keep funding ever-increasing, never-decreasing programs. I say vote them out and chop city goverment and school districts back down to just their core mission: roads and public safety, and readin', writin' an' arithmatic, respectively.

May 05, 2009 02:45 PM #1
Rainmaker
671,553
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs

Infalation has eaten up the deduction. I would like to see everyone pay on the first 25k so they can have something in the game. Would also like to see the Louisiana income tax go away. My taxes went to $600 and I do not like it either. Insurance is the killer.

May 05, 2009 03:43 PM #2
Rainmaker
545,146
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi John:

All of our taxes have gone up.

I pay over $8,000 a year now.

May 06, 2009 10:40 PM #3
Rainmaker
671,988
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

John, I think that the homestead exemption should be raised.  Our property taxes went through the roof after 2005 also.

May 07, 2009 11:46 AM #4
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John Walters

Licensed in Louisiana
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