Property assessments are being revised in New Orleans, which has some people worked up when the assessed value of their house doubles or quadruples. Ultimately this a good thing, or so it seems, but if your house is assessed for waaay too much, you have to appeal by August 15.
I’ve never paid to much attention to property assessment and property taxes. To tell you the truth I’ve never fully understood them.
Nevertheless I’ve been awaiting my assessment letter in the mail. It hasn’t arrived yet, but today I learned you can get your new property assessment from the Orleans Parish Board of Assessors website.
So I have logged in and confirmed that I still don’t understand how this stuff works.
I mean, I’m completely baffled.
We bought our house in 2002 for $105,000.
Last year, our land was assessed at $720 and the building at $1,000, for a total assessed value of $1,720.
My “2008 Non-Certified Assessment” has the same numbers, so I guess that means my assessment did not go up.
But I still don’t understand how the total assessment could be a mere $1,720. Is that a joke? Shouldn’t the assessment at least be in the same ballpark as what we paid?
Further adding to my confusion are some “appraised” values, which are exactly ten times the “assessed” values: $7,200 for the land; $10,000 for the building; $17,200 total. That’s still waaay less than the appraisal we got when we bought the house.
The numbers are so far off that it makes me think I am just missing something obvious. Something obvious. Something everyone knows but me.
Clearly, I don’t understand how property assessments work. That’s about the only thing that’s clear to me.
Can someone please explain this to me?
That’s very strange. The assessments are listed at 1/10 the value. I don’t know why exactly, but you multiple the millage (currently .1881) by 1/10 the value.
The numbers on your house are just odd. Basically, the assessor says that your house and land is worth $17,200. Also, your homestead exemption number doesn’t seem to make sense either.
Who is your assessor? My guess is that the assessor drastically slashed all values in flooded areas.
Anyway, the system isn’t screwy (at least not universally so), it’s just the assessment on your house. Our house, which we bought last year, is assessed as more or less 10% of purchase price.
The assessment is the tax before being multiplied by the millage – millages being determined by the S&WB etc. On the back, you will see the rates. For normal homeowners, your assessment will be 10% of the land + 10% of the structures.
Unfortunately, my house and land were appraised at over twice the probably value. (And the highest on our street, when we have the smallest house). And all the lot sizes being almost the same – the variation in appraisals on our same street was also off by a factor of 2.
Frolic is correct. Your assessed value is 10% of your appraised value. If it were commercial, your assessed value would be 15% of your appraised value.
Your property tax would be your (assessed value – homestead exemption) x the millage rate. If your value is less than the homestead exemption ($75,000) then you pay no property tax except for the millage for fire and police. And if your assessed value is only $1720, which does sound very very low, then your property tax might be about a buck or two even if the millage stayed what it is right now.
Do you know who your assessor is?
oh for clarification, in that formula above the homestead exemption would be for $7500.
Your assessment would look like this:
(assessed value – homestead exemption) x the millage rate
($1720 – $7500) x .175
The current millage is 175 mils, but it should go down drastically. About 10 of those mils are for police and fire.
So your property tax, if the millage stayed the same, would be $1720 x .01 = $17.20. So, I guess I was pretty off with my original estimate of a buck or two. Still, an unusually small tax bill even with the 2006 millage rate.
I went to opboa.org and found your assessment. They indeed have your appraised building at $10,000 and your appraised land at $1,720. I’m guessing the district 2 assessor is still using the Katrina “damaged” assessment for your property.
The homestead exemption amount, is $7500. But since you’re assessment is
hmm. got cut off.
since your assessment is
Thanks for all the answers people. Of course, these answers just raise more questions. Like, why is the assessed value 10% of the appraised value? That just seems arcane and needlessly complicated, though I’m sure there is some logic.
Anyway, since several people asked, I think my assessor is Claude Mauberret. I remember it was somebody whose family has held the office for over one hundred years.
I think Seung, in passing, gave us the answer to why the assessed value is 10% of the appraised value. He said commercial property is assessed at 15% of appraised value.
That allows the city to calculate the total taxable property (both residential and commercial) and set a single millage rate to cover expenses.
Give me a break. You can’t be this naive.
Basically your assessor isn’t doing his job. You already know that your house is worth a lot more than he’s assessed it for, which means the rest of us who have competent or honest assessors are paying your taxes for you.
You are ripping off honest people and pretending to be naive about it.
Wow. If you aren’t ripping us off, then I suppose you’d be willing to sell your house for 1720…
If you want to be honest, call your assessor and tell him he’s made the value of your property too low, thatyou are an honest citizen and want to pay your fair share of taxes.
Of course you won’t do that.
Youd’ rather make speeches on tv criticizing dishonest politicians.
I doubt you’ll run this note either because that would require .. basic honesty.
[…] calling himself Albert Dorkland left a comment back in July saying that I’m “ripping off honest people.” He also said I […]
[…] year, I didn’t understand property assessments, but now I think I do, kinda sorta, so I’m actually able to make some sense of this […]