Residents to get notification of new property values
Lincoln Parish property owners should expect to receive a Notice of Assessed Value this week. Louisiana law mandates a reassessment of all properties as well as a mailed notification of assessed values every four years. This is not a tax bill but a statement of assessed value for 2012.
The assessed value for residential property is 10 percent and commercial structures is 15 percent of its Fair Market Value. Fair market value is defined by Louisiana Revised Statute 47:2321 as follows: “fair market value is the price for property which would be agreed upon between a willing and informed buyer and a willing and informed seller under the usual and ordinary circumstances, it shall be the highest price estimated in terms of money which property will bring if exposed for sale on the open market with reasonable time allowed to find a purchaser who is buying with knowledge of all the uses and purposes to which the property is best adapted and for which it can be legally used.”