property taxes and Home insurance in S-BC? (Shreveport: houses, income)

[hindsight2020]

Hi,

Still doing some research on the market here, and was wondering what do you guys pay in property taxes and home insurance in shreveport and bossier? I'm familiarizing myself with the tax system down here but I haven't been able to find the bottom line rate for caddo/bossier parish. Regarding HOI, a lot of the threads here talk about southern LA which has obviously seen insurance go through the roof. I seriously doubt insurance in SBC is 5K a year, but was wondering from those who've been there done that. Thanks for the help

[BRMan]

Originally Posted by hindsight2020

Hi,

Still doing some research on the market here, and was wondering what do you guys pay in property taxes and home insurance in shreveport and bossier? I'm familiarizing myself with the tax system down here but I haven't been able to find the bottom line rate for caddo/bossier parish. Regarding HOI, a lot of the threads here talk about southern LA which has obviously seen insurance go through the roof. I seriously doubt insurance in SBC is 5K a year, but was wondering from those who've been there done that. Thanks for the help

I live in BR and don't even pay a THOUSAND. And when the rates were jacked up to 1K, I switched to another company. So I'm sure Shreveport is less.

[hindsight2020]

what about property taxes? I just talked to someone say about 500 a year for 130K in monroe...what about bossier, I figure it's probably higher or no?

[BRMan]

Originally Posted by hindsight2020

what about property taxes? I just talked to someone say about 500 a year for 130K in monroe...what about bossier, I figure it's probably higher or no?

Depending on the house, most houses will have minimal (as in, less than $1,000) property taxes. And only recently have they started enforcing the law and mandating reassessments every 4 years.

Bossier Parish (according to information compiled on this website: Entergy Louisiana - Economic Development) has a millage of 83.35. Ouachita's vary from 79-135 mills, according to this site: OEDC : Ouachita Economic Development Corporation - Taxes

Anyway, you calculate this way: (1) Get city and parish millages (if you live outside of the city limits, you escape city taxes, but there are likely others you have to pay), (2) Get the value of the property + land and multiply by 10%, (3) Subtract 7,500 from the amount in (2) for parish taxes ONLY, (4) multiply the net amount by the millage/1000.

...If I just sounded like the IRS, if you give me the numbers (property/land value, millage), I'll do a quick computation for you

[imaterry78259]

Just think over her in Texas we pay about 3.015% of your home appraised value for property taxes. Which in you case would be 3900.00 per year. something to cheer about living in La.

[hindsight2020]

Yeah I had read up about the millage system in LA. I was looking for the 83.35 number LOL thanks a bunch. Yeah it's prob around 500 a year accounting for city tax for properties I'm looking at. That's awesome.

--
imaterry, I hear ya on the TX property taxes. You guys don't have state income tax, so if you live in southern LA, where the insurance has gone through the roof, people make the case that it's a wash, or you might even fare a little better in TX. It's all about where in LA and where in TX. But yeah, I can't beat 500 a year on property taxes, definitively one of the pros of living here, hope it doesn't go downhill any time soon.

[BRMan]

Originally Posted by imaterry78259

Just think over her in Texas we pay about 3.015% of your home appraised value for property taxes. Which in you case would be 3900.00 per year. something to cheer about living in La.

Agree about Texas' property taxes. But then you (currently) have no state income tax. Personally, I think property tax is the worse because it's not truly based on ability to pay like an income tax is.