Property Taxes
Property taxes are annual taxes levied by local government authorities based on the assessed value of your property. They fund essential public services such as schools, roads, fire protection, and infrastructure.
In Louisiana, property taxes are assessed at the parish level and calculated using the local millage rate applied to your assessed value. Most mortgage lenders collect property taxes monthly through escrow and pay them on your behalf when they come due.
Property taxes are not fixed for the life of your loan. They can increase or decrease based on reassessments, changes in millage rates, or loss of exemptions. These changes directly affect your monthly escrow payment.
Why This Matters: Property taxes are a significant part of your total housing cost. Understanding how they are calculated in your parish — and filing for available exemptions like the Homestead Exemption — can meaningfully reduce your monthly payment.
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