New Orleans real estate has taken an incredible jump value over the past few years.
And assessments on properties mean property taxes are expected to jump very high.
The Times-Picayune/New Orleans Advocate predicts more than 8,500 increased in value by 50% or more.
Another 4,000 properties saw property assessments double.
Although this means more money for City Hall, it also means property taxes will be growing by thousands of dollars.
This year’s assessment comes after the 2019 period saw property values jump by more than 14% across New Orleans with plenty of residents already seeing values double.
This year’s assessment area are in Uptown from the CBD to past Audubon Park.
Mid-City neighborhoods also saw their value hike in value.
The neighborhoods of Leonidas and Hollygrove saw assessments double which parts of Irish Channel increased by as much as 88%.
“We’re definitely getting complaints from Uptown residents who are saying their assessments are skyrocketing,” Councilman Joe Giarrusso told the paper.
“The people that are emailing are very upset. I would say the volume is not as high (as last year), but I’d attribute that to the fact that there are fewer people affected.”
In 2019, over 66,000 properties saw an increase in assessments.
The only real bit of relief for homeowners who saw their property value, and hence taxes, skyrocket is that under a 2018 amendment, taxes will be phased in over a four year period.