City Agencies Could Pocket Property Tax Windfall
Posted on Aug 15, 2012 in Courts, Legislation, Local IssuesPhoto Courtesy of NOLA.com
As many residents are aware, New Orleans’ new city-wide assessor, Erroll Williams, recently raised the assessments of over 41,000 local properties.
Although this sort of action has typically occurred in quadrennial valuation years; 2012 happens to be an “off-year”–raising questions over why the increase is taking place. Moreover, the law is not exactly clear on what happens if the city finds itself with what could amount to a 10% windfall in increased property tax revenues over last year. Under some circumstances, the city is required to “roll back” the tax rate and refund some of the money to property owners and wait until the following year to tax at the new increased rate.
All of this has many homeowners confused and angry, and residents have been lining up in droves at City Hall to protest their property assessments.
It is important to note that today is that last day the tax rolls will be open and that local property owners only have until MONDAY (8/20) to file appeals with City Hall.
For more on this story as it develops, visit NOLA.com.