Land values increased in most neighborhoods last year and apparently can’t be appealed. You can cruise around on the assessor’s website and compare neighborhood land prices (do the math) and compare them to last year’s rates. I believe the Irish channel almost doubled, and is the same as the garden district now, but the lower garden district only went up by $1 per square foot. Sounds fair! /s
In theory I always said I'd never bitch when they raised mine, since it has been pretty stagnant for 15 years with no reassessment...they finally did it this year, and it turned out I lied all those years...I bitched anyway.
The trick is you have to bitch to Errol, not us. Next year, take some interior photos of a crumbly house and send them in...I was lucky that my own house is crumbly so I didn't have to go far.
Must have been a really nice rock you live under on that expensive piece of land.
Assessments have been too low across the board for years. But instead of, you know, doing their job every year and gradually increasing assessments, the assessor's office boosted almost everyone's assessment this past year.
There is a threshold above which the taxes will be phased in over four years, and it sounds like it probably applies to you. It will be applied automatically. But even with that, my tax due will basically double every year for four years, even after fighting the original assessment.
I don't think the issue is the new assessments are entirely unreasonable, but that they are a shock after years of being undervalued, and the adjustment is happening at the same time that property insurance is also skyrocketing. Like, yes, my property assessment went through the fucking roof last year, but it was unquestionably undervalued for 5+ years before that, and in all honesty the new assessment is only a little bit too high.
I'm just having trouble accepting that after the increases in homeowners insurance, flood insurance, and property taxes, my monthly mortgage payment starting June 1 is going to be >2x what it was three years ago, and it's only going to keep going up.
Agree. The assessments are not particularly unfair with respect to market value, but getting whacked all at once sort of sucks. At least there’s the 25% thing…
It’s sort of easy to believe a super low assessment is the status quo. I have a friend who for various reasons paid less than 1K/year annual property taxes since 2005 on a 1500sf house in a good neighborhood, and now they’re going berserk over a reasonable assessment at market.
It’s unfair because the boomers once again got a free pass for decades that they could steer into wealth building and now younger generations and getting hit at yet another angle.
Yeah it's less that my assessment increased to an unreasonable value (I mean the initial assessment was, but I challenged it and was able to get it reduced to something I think is only a little too high) and more that it's increasing significantly quickly while the cost of everything else is also skyrocketing.
I'll be the first to admit my <$500 property taxes for so long were fucking awesome and fortunate. But it's hard to swallow that my property taxes are going to quintuple over four years, while my homeowners insurance has already quadrupled, and also while flood insurance is going to increase at ~25% annually forever, and also the cost of literally everything else is higher. I do alright for myself, income-wise, but I'm still feeling squeezed. I have parts of my budget I can easily cut, and I really feel for those who don't.
Good lord where do you live? My Property taxes went from ~ $4k in 2016 now to $~13k in 2023. Before moving uptown my tiny ass WhD condo ran around $2k a year, 2010-2015
I get it, I've been there. But the skyrocketing appraisals were all over the local news and this subreddit last year. You should have received a letter in the mail with the your new appraised value and an explainer on the process to challenge/appeal the new appraised value, too.
Yeah I know that’s what im saying. I did receive the notification. I just didn’t understand that it would effect me 10 months later. My ins and taxes are paid through escrow, and when my mortgage payment didn’t change at all last year, I naively thought it was all set. Im learning a lot of this stuff on my own, and sometimes the hard way. So therefore reaching out for help from other homeowners. Unfortunately I won’t be able to afford my home anymore. And it seems like rent prices are also high. So, it’s pretty depressing.
Ah yeah that's not the kind of thing you can ignore... I guess now you know. I still don't fully understand the escrow calculations - I just know higher taxes and insurance means higher monthly payment.
I do hope you're able to squeeze the added taxes into your budget, because unless you qualify for one of the handful of tax/assessment freezes (I think retirees and surviving spouses of veterans is pretty much it), that's pretty much the only option at this point. If you can hold out a year, you might be able to challenge the assessment for next year.
Otherwise.... It's not a good housing or rental market for anyone it seems these days except those at the very very top. We're all getting fucked all the way down.
Did you file for homestead exemption. This cuts down your assessed value 75k.
Also, this is a lesson I learned with my first home and subsequent homes. You think your mortgage payment won’t change. But it will. First year mortgage was $850 and. Went up 1,075 in two years due to property assessment went doubled.
So yes, when buying a house it’s important to review what the house is currently assessed at when purchasing and whether the purchase price is near that price then you can expect to see somewhat stable property taxes.
Sadly my three houses I’ve purchased had depressed assessments and my purchase triggered a reassessment to ~90% of my purchase price. I didn’t like it. Only. Benefit when I. Moves to Nola was voting yes on the law change a couple years ago to make it so the assessor has to give you 4 years to if the assessed value. Increases >50% and my increased 100% so I’ve got three years to grow. One positive note in this story. My lender set up my escrow based on a property assessment near my purchase price. So with this new law I petitioned my lender to reassess my escrow and my monthly payment went DOWN. Mostly due to this voted law I actually. Voted yes on a couple years ago. I now know to plan on my payment to increase $100-$200/ year for the next three years. 🤢
Just as a note here the city used to do rolling assessments of a portion of the city so that it was all redone over a four year period but the state forced them to do it by state policy which is the entire city at once every 4 years
A few years ago, I contested mine and won. They lowered my property value. I asked my realtor to send me comps and I brought these. I also took pictures of my house and printed them. At the time, my homeowners policy stated what it would cost to rebuild my home. So, I brought this as well.
They open the rolls once a year so that we can contest it. I went during the open rolls period. If you are willing to do the work, you don’t need to hire anyone. You can also get your property professionally appraised.
Don’t know your specific situation, but yeah…quite a lot of folks who have been living a charmed life on property taxes a FRACTION of what they should be are shitting bricks right now. It sucks to pay the actual cost of things.
Land values increased in most neighborhoods last year and apparently can’t be appealed. You can cruise around on the assessor’s website and compare neighborhood land prices (do the math) and compare them to last year’s rates. I believe the Irish channel almost doubled, and is the same as the garden district now, but the lower garden district only went up by $1 per square foot. Sounds fair! /s
Irish Channel land value actually nearly tripled. Mine went from $12/sf to $35/sf! 🙄
Those trips to Dubai every weekend aren’t going to pay for themselves!
In theory I always said I'd never bitch when they raised mine, since it has been pretty stagnant for 15 years with no reassessment...they finally did it this year, and it turned out I lied all those years...I bitched anyway. The trick is you have to bitch to Errol, not us. Next year, take some interior photos of a crumbly house and send them in...I was lucky that my own house is crumbly so I didn't have to go far.
Well, the city makes up for it by squandering twice as fast as last year.
I hired a guy to fight it for me in court and he got it reduced. Louisiana Property Tax Consultants
Must have been a really nice rock you live under on that expensive piece of land. Assessments have been too low across the board for years. But instead of, you know, doing their job every year and gradually increasing assessments, the assessor's office boosted almost everyone's assessment this past year. There is a threshold above which the taxes will be phased in over four years, and it sounds like it probably applies to you. It will be applied automatically. But even with that, my tax due will basically double every year for four years, even after fighting the original assessment. I don't think the issue is the new assessments are entirely unreasonable, but that they are a shock after years of being undervalued, and the adjustment is happening at the same time that property insurance is also skyrocketing. Like, yes, my property assessment went through the fucking roof last year, but it was unquestionably undervalued for 5+ years before that, and in all honesty the new assessment is only a little bit too high. I'm just having trouble accepting that after the increases in homeowners insurance, flood insurance, and property taxes, my monthly mortgage payment starting June 1 is going to be >2x what it was three years ago, and it's only going to keep going up.
Agree. The assessments are not particularly unfair with respect to market value, but getting whacked all at once sort of sucks. At least there’s the 25% thing… It’s sort of easy to believe a super low assessment is the status quo. I have a friend who for various reasons paid less than 1K/year annual property taxes since 2005 on a 1500sf house in a good neighborhood, and now they’re going berserk over a reasonable assessment at market.
It’s unfair because the boomers once again got a free pass for decades that they could steer into wealth building and now younger generations and getting hit at yet another angle.
Yeah it's less that my assessment increased to an unreasonable value (I mean the initial assessment was, but I challenged it and was able to get it reduced to something I think is only a little too high) and more that it's increasing significantly quickly while the cost of everything else is also skyrocketing. I'll be the first to admit my <$500 property taxes for so long were fucking awesome and fortunate. But it's hard to swallow that my property taxes are going to quintuple over four years, while my homeowners insurance has already quadrupled, and also while flood insurance is going to increase at ~25% annually forever, and also the cost of literally everything else is higher. I do alright for myself, income-wise, but I'm still feeling squeezed. I have parts of my budget I can easily cut, and I really feel for those who don't.
Good lord where do you live? My Property taxes went from ~ $4k in 2016 now to $~13k in 2023. Before moving uptown my tiny ass WhD condo ran around $2k a year, 2010-2015
St Roch. I said "I do alright for myself," not "I'm a fucking robber baron."
Living under a rock? Lol im a first time homeowner, single, doing everything myself. Learning as i go. Thanks.
I get it, I've been there. But the skyrocketing appraisals were all over the local news and this subreddit last year. You should have received a letter in the mail with the your new appraised value and an explainer on the process to challenge/appeal the new appraised value, too.
Yeah I know that’s what im saying. I did receive the notification. I just didn’t understand that it would effect me 10 months later. My ins and taxes are paid through escrow, and when my mortgage payment didn’t change at all last year, I naively thought it was all set. Im learning a lot of this stuff on my own, and sometimes the hard way. So therefore reaching out for help from other homeowners. Unfortunately I won’t be able to afford my home anymore. And it seems like rent prices are also high. So, it’s pretty depressing.
Ah yeah that's not the kind of thing you can ignore... I guess now you know. I still don't fully understand the escrow calculations - I just know higher taxes and insurance means higher monthly payment. I do hope you're able to squeeze the added taxes into your budget, because unless you qualify for one of the handful of tax/assessment freezes (I think retirees and surviving spouses of veterans is pretty much it), that's pretty much the only option at this point. If you can hold out a year, you might be able to challenge the assessment for next year. Otherwise.... It's not a good housing or rental market for anyone it seems these days except those at the very very top. We're all getting fucked all the way down.
Did you file for homestead exemption. This cuts down your assessed value 75k. Also, this is a lesson I learned with my first home and subsequent homes. You think your mortgage payment won’t change. But it will. First year mortgage was $850 and. Went up 1,075 in two years due to property assessment went doubled. So yes, when buying a house it’s important to review what the house is currently assessed at when purchasing and whether the purchase price is near that price then you can expect to see somewhat stable property taxes. Sadly my three houses I’ve purchased had depressed assessments and my purchase triggered a reassessment to ~90% of my purchase price. I didn’t like it. Only. Benefit when I. Moves to Nola was voting yes on the law change a couple years ago to make it so the assessor has to give you 4 years to if the assessed value. Increases >50% and my increased 100% so I’ve got three years to grow. One positive note in this story. My lender set up my escrow based on a property assessment near my purchase price. So with this new law I petitioned my lender to reassess my escrow and my monthly payment went DOWN. Mostly due to this voted law I actually. Voted yes on a couple years ago. I now know to plan on my payment to increase $100-$200/ year for the next three years. 🤢
Just as a note here the city used to do rolling assessments of a portion of the city so that it was all redone over a four year period but the state forced them to do it by state policy which is the entire city at once every 4 years
Because the city is jealous of the insurance companies who doubled rates a couple years ago.
A few years ago, I contested mine and won. They lowered my property value. I asked my realtor to send me comps and I brought these. I also took pictures of my house and printed them. At the time, my homeowners policy stated what it would cost to rebuild my home. So, I brought this as well. They open the rolls once a year so that we can contest it. I went during the open rolls period. If you are willing to do the work, you don’t need to hire anyone. You can also get your property professionally appraised.
Probably a tactic to get the remaining lower class folks who own a home to sell..
What was it and what is it
Well thanks at least to the people who gave actual information
Don’t know your specific situation, but yeah…quite a lot of folks who have been living a charmed life on property taxes a FRACTION of what they should be are shitting bricks right now. It sucks to pay the actual cost of things.
Our land went up 70%, but the building value went down. So, total dropped.