On Wednesday, July 15, the Orleans Parish Assessors Office released its 2021 initial assessments. Assessments have been reduced across all commercial property, and the largest year-over-year reductions are in the hospitality sector, which reflect up to 55% reductions from the 2020 values.
Other property types received relief as well. Retail property was reduced anywhere from 5 to 30%. Office buildings were reduced by up to 20%, industrial property was reduced by 5%, and multifamily was reduced by 15%. Each individual property was reviewed on a case-by-case basis, so there is some variability.
The Assessor has indicated the 2021 reduction is intended to be for a single year related to COVID-19 relief. In tax year 2022, the Assessor’s Office intends to reevaluate and decide how to reassess property in accordance with its quadrennial assessment cycle.
The Ryan experts will be reviewing these valuations in Orleans Parish to ensure accuracy, as well as the valuations in other parishes as they release assessments for the 2020 revaluation. The anticipated timing for this release of assessments is mid-August through early September.
Please reach out to the experts at Ryan if you have any questions. For additional information, visit our COVID-19 Updates site, as our experts are in constant contact with the jurisdictions and make updates to the site as notifications become available.
TECHNICAL INFORMATION CONTACT:
Jeff Tuthill
Principal
Ryan
972.934.0022
jeff.tuthill@ryan.com
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.
- Sujet
- Jeff Tuthill