Those most likely to experience the impact of the reassessments are property owners who recently improved or demolished their property
Third Municipal District Assessor Erroll G. Williams said residential and commercial property owners may find increases in their property’s valuation due to a reassessment for Year 2011 and the end of a special valuation period reflecting 2005 storm damage.
The majority of properties in the Third District, encompassing all of east New Orleans, sustained prolonged exposure to flood water after Hurricanes Katrina and Rita. Many were appraised at 20 to 30 percent of their pre-storm value in recognition of the loss in value and the cost to make needed repairs, said Assessor Williams. “When property owners receive their 2011 assessments from my office, they may note an increase. To ensure the accuracy and equity of assessments, property records are continually updated to reflect renovations, additions, new construction, land sub-divisions, and demolitions,” said Assessor Williams.