As business owners across the United States continue on the road to economic recovery from the pandemic, those with property in Louisiana and surrounding areas were served another challenge from Hurricane Ida. On August 26, 2021, Louisiana Governor John Bel Edwards declared a statewide state of emergency (Proclamation Number 165 JBE 2021), the result of which enables relief to property owners subject to LA Revised Statute 47:1978.1 as stated below.
LA RS 47:1978.1 allows for the Assessor to account for damages the result of IDA in the 2021 assessment. The onus is on the property owner to evidence the extent of damage—physical or economic—and their impact upon market value.
Property owners will need to request an Ida hurricane damage assessment for those properties affected in their portfolios. Ryan’s local property tax experts continue to be available via email and phone to discuss the best way to proceed with applying for this exemption and navigating through the tax minimization process for recovery.
TECHNICAL INFORMATION CONTACTS:
Karl Kehoe
Principal
Ryan
504.866.6506
karl.kehoe@ryan.com
Jeff Tuthill
Principal
Ryan
972.934.0022
jeff.tuthill@ryan.com
John Stockmeyer
Director
Ryan
john.stockmeyer@ryan.com
504.259.6501
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.