State rebates for Louisiana property owners go unclaimed - KSLA News 12 Shreveport, Louisiana News Weather & Sports

State rebates for Louisiana property owners go unclaimed

Louisiana Commissioner Jim Donelon Louisiana Commissioner Jim Donelon

Each year, Louisiana property owners pay into the state's property insurance corporation. But Louisiana Insurance Commissioner Jim Donelon says many property owners don't know that they are eligible for rebates from those assessments.

"It's kind of convoluted and complex and unfortunately most of that money goes unclaimed probably in part because of the confusion surrounding it," Donelon said.

Donelon says every property insurance policy statewide is assessed a tax that is about 3 and a half percent of their premium and they can get that back as either a tax credit or a rebate.

The allotted time to claim funds for 2006 through 2009 has expired and nearly $256 million or 54 percent of those assessment funds went unclaimed, Donelon said.

In fact, Donelon says property owners can go back four years and recoup the rebates from taxes they've paid.

The Louisiana Citizens Property Insurance Corporation has a website where property owners need to go to fill out a Department of Revenue tax form.

Click here for the website. 

Copyright 2014 KSLA. All rights reserved.

Powered by Frankly