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. Read more about this development here.
On September 20, 2021, the experts at Ryan learned that all of Orleans Parish residential property will be reduced by 5% on the improvements to account for “loss of use” as a result of power outages. In addition, the Orleans Parish assessor’s office is going to open a review period from September 23 to October 7 for owners of all property types to report losses attributable to physical damages for possible additional relief.
A similar process will occur in Jefferson Parish from September 29 to October 13. Those properties outside the levee system will be granted large reductions for losses. All residential property will likely be granted some relief for “loss of use,” whether inside or outside the levee system. Lastly, evidence of losses as a result of physical damages will be considered for all property as well.
Property owners will need to request an Ida hurricane damage assessment for those properties affected in their portfolios. While Orleans and Jefferson Parishes are still formulating the process, Ryan’s local property tax experts continue to be available via email and telephone to discuss the best way to proceed with applying for this exemption and navigating through the tax minimization process for recovery.
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