2008 tax reminder from KATC –
Louisiana homeowners have several ways to save money on their 2008 taxes.
State Insurance Commissioner Jim Donelon is reminding homeowners that they can get a tax rebate if they were charged a Louisiana Citizens Property Insurance Corp. assessment last year. Some homeowners are eligible even if they don’t owe taxes.
Another state tax break is a refundable credit to offset individual income tax. The rebate is for 7 percent of the premiums paid by individuals on their primary residence on homeowners, condo owners or tenant homeowners insurance.
A Citizens assessment must be subtracted from the total premium paid before the 7 percent credit rate, Donelon’s office said.
Information about state tax breaks is at the insurance department’s Web site: http://www.ldi.state.la.us.
A federal tax break applies to some homeowners who had hurricane damage last year. That compensation goes toward deductibles paid on damages from Hurricane Gustav or Ike.
Make sure to claim every tax rebate you can and make sure your insurance coverage is at the level you need it to be.