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LA Insurance Dir.: Claim your property on taxes

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BATON ROUGE - Tax time is here, and many Louisiana taxpayers could be leaving some money on the table. Louisiana Insurance Commissioner Jim Donelon stopped by 2une In this morning with some important tax reminders.

"53% of the money that's available to be taken advantage of either as a tax credit...or a cash rebate goes unclaimed," he told News 2's John Pastorek. "Since the first year of the assessment in '06, $300 million has reverted over to the general fund, unclaimed that can no longer be gotten because you can back for years, but not more."

A lot of that money should have gone to property owners.

"Every property owner who has property insurance in place gets assessed each year in order to amortize the bond issue that citizens had to issue to finish paying their (Hurricane) Katrina claims," Donelon went on to say.

On your state income tax return, you should check off the spot, put the amount of your assessment, attach a copy of your debt sheet and take a dollar-for-dollar credit for that assessment against your state income tax.

If you're not sure just how much your property is assessed for, contact your insurance company, visit the Department of Insurance website or give them a call 1-800-259-5300.

Watch the video for more information.

 

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