Here’s what the public needs to know about usufruct, especially as it relates to property ownership and the Assessor’s Office in Louisiana, according to the Bienville Parish Assessor’s Office.
Usufruct means the right to use property – not own it. A usufruct allows someone (often a surviving spouse or parent) to live in, use, and enjoy a property for their lifetime or for a set period of time without being the legal owner. The legal owner is called the naked owner, and this is often the children or heirs.
In many cases, a property that is donated or transferred may need to retain a usufruct for the person living in the home in order to keep the Homestead Exemption (and any additional exemptions tied to the property).
Property tax responsibility can be confusing. Even though the naked owner holds title, the usufructuary is often responsible for paying the property taxes while they are using the property. It’s important for everyone involved to understand who is responsible and to make sure taxes are paid on time.
It is important to keep records updated. When a usufruct ends, whether due to death, relocation, or a change in ownership, it’s important to notify the assessor’s office and provide the proper documentation so property records and exemptions can be updated correctly.