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How Taxes are Calculated

In the two example tax calculations below, 2012 taxes for homes of $100,000 and $200,000 fair market value are calculated, assuming qualification for homestead exemption, and figured for locations both within and outside the City of Lafayette. Highlight each lettered line with your mouse to see explanation of calculations.

To estimate the property taxes on your property, visit our Tax Estimator page. For more information on tax rates and taxing bodies, visit our Topics of Note page and our Assessor Facts page.

 
Tax Bill on a $100,000 and $200,000 Home in 2012
A Home's Fair Market Value
A. Our examples show two homes, one with a fair market value of $100,000, and the other with a fair market value of $200,000.
$100,000 $200,000
B Residential Property Assessment Rate (10%)
B. The value of the homes will be multiplied by the residential assassment rate, which is 10%. (Note: Though it is not covered in this example, you may note that commercial property is assessed at 10% for land and 15% for buildings.)
x 0.10 0.10
C Assessed Value
C. A x B = C - The assessed value of the $100,000 home is $10,000 and the assessed value of the $200,000 home is $20,000.
= $10,000 $20,000
D Homestead Exemption
D. Residential properties often qualify for homestead exemption of up to $7,500.
- 7,500 7,500
E Taxable Assessed Value
E. Subtracting the $7,500 homestead exemption from the assessed value of our example homes yields a Taxable Assessed Value of $2,500 for the $100,000 home and $12,500 for the $200,000 home.
= 2,500 12,500
If you live Outside the City of Lafayette then:
F Total Parish Tax Millage (85.79 mills = $0.08579)
F. For those living outside the City of Lafayette, the Parish tax rate is 85.79 mills. Note that those living inside other incorporated areas of the Parish may be additionally subject to city or town millages.
x 0.08579 0.08579
G Parish Property Tax Due (Outside City)
G. Tax Calculation: E x F = G. Note that those living inside incorporated areas of the Parish other than the City of Lafayette may be additionally subject to city or town millages.
= $214.48 $1,072.38
If you live Inside the City of Lafayette then:
H Total Parish Tax Millage (84.26 mills = $0.08426)
H. For those living inside the City of Lafayette, the Parish tax rate is 84.26 mills.
x 0.08426 0.08426
I Parish Property Tax Due (Inside City)
I. Tax Calculation: E x H = I
= $210.65 $1,053.25
J Property Tax Savings On Parish Taxes Due To Homestead Exemption, outside City of Lafayette
J. Property tax savings on Parish Taxes from the homestead exemption for those outside the City of Lafayette are the same for both example home values
$643.42 $643.42
K Property Tax Savings On Parish Taxes Due To Homestead Exemption, within City of Lafayette
K. Property tax savings on Parish Taxes from the homestead exemption for those inside the City of Lafayette are the same for both example home values
$631.95 $631.95
City of Lafayette Property Taxes
L Assessed Value (Homestead Exemption does not apply to city taxes)
L. Since Homestead Exemption does not apply to city taxes, this is the same as the amount in line C.
$10,000 $20,000
M Total City of Lafayette Tax Millage (17.94 mills = $0.01794)
M. Properties located within Lafayette's Downtown Development District may also be subject to an additional millage, not calculated in this example.
x 0.01794 0.01794
N City Property Tax Due
N. Tax Calculation: L x M = N. Note that properties located within Lafayette's Downtown Development District may also be subject to an additional millage, not calculated in this example.
= $179.40 $358.80
The Total Amount of Property Taxes You Would Owe Are:
O Total Property Tax Due Outside City of Lafayette
O. Tax Calculation: G = O. Note that properties located within Lafayette's Downtown Development District may also be subject to an additional millage, not calculated in this example.
$214.48 $1,072.38
P Total Property Tax Due Inside City of Lafayette
P. Tax Calculation: I + N = P. Note that properties located within Lafayette's Downtown Development District may also be subject to an additional millage, not calculated in this example.
$390.05 $1,412.05