Replies to This Discussion

Permalink Reply by Snake Stewart on August 16, 2008 at 1:09

I would hope some of the wind fall from the state and procedes from parish O&G earnings will help satiate the appetites of our locals so we can save room for the onslaught of the Feds that is sure to come.

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Permalink Reply by Kassi on August 16, 2008 at 2:30

I know the state charges around 12% severence tax on royalties from minerals. The question is if property values go up because of the potential value of the minerals beneath them, will that lead to higher property taxes? That has been a question for me since the beginning. I found a great booklet about Louisiana Tax Basics that discusses the fact that property taxes are based on fair market value see link:
http://www.lafayetteassessor.com/TopicsPDFs/Louisiana%20Property%20...

The other question is, how will this impact home owners insurance? If you have a well or storage facility close to your home will there be an increase in your home owners insurance?
While I do not think these things are grounds not to lease, I do think these are all unanswered questions that need to be looked into.

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Permalink Reply by P.G. on August 17, 2008 at 6:16

Not enough though! I just got my notice and my taxes are going up!

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Permalink Reply by P.G. on August 17, 2008 at 6:55

When the re-assess, they are suppose to adjust the millages so taxes will be the same. So much for that, huh?

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Permalink Reply by The_Baron on August 18, 2008 at 4:21

The millage roll back is optional by the taxing body. I know Bossier City just approved a lower millage than last years. Each governing body will meet and decide on is own, usually as quietly as possible.

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Permalink Reply by blobue on August 18, 2008 at 4:11

Just got my estimated property tax notice for Caddo Parish and the City of Shreveport and my property tax went up drastically and i have yet to lease any of my minerals. Both land and imporvements dramatically increased without any improvements being made.

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Permalink Reply by P.G. on August 18, 2008 at 4:25

Minerals doesn't have anything to do with it. The assessor figures your house is worth more now than it was 4 years ago should you put it on the market. I just hope they use their new found money wisely!

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Permalink Reply by P.G. on August 18, 2008 at 4:44

Then you need to challenge their figures. I did that once and they lowered my assessment!
I don't think they actually physically appraise every property, they just apply statistical averages to previous values. If you can show your house is not worth any more than it was 4 years ago, then they may adjust the value for you. Considering house prices have fallen in some markets, you might be successful. Doesn't hurt to try! All they can say is no, right?

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Permalink Reply by The_Baron on August 18, 2008 at 4:23

The assessments are based on the fair market value. If the cost of buying land goes up because of the perceived value of the minerals it might make land look more valuble. The assessor does not keep a mineral history of the property so they are only looking at transactions as they occur.

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Permalink Reply by Bill G on August 18, 2008 at 4:36

You will not see a direct increase in property taxes due to the discovery of the Shale, although you will see an indirect rise in taxes. This will be from the increase in value of property and housing due to the economic growth from the shale. In return it will be a good thing for the home owner or land owner because it means that their property has increased in value! We could be like those people in California thats house value has decreased 200 to 300% and you are still paying inflated taxes on those properties. That is one of the reasons why we are having the housing crises on a national level at this time.

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Permalink Reply by P.G. on August 18, 2008 at 4:46

Are minerals worth anything if they haven't been reduced to possesion?

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Permalink Reply by Bill G on August 18, 2008 at 6:26

No, they are like timber....you dont have to pay taxes on them untill they are extracted!

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