Data collected to prepare for 2024 quadrennial revaluation
As part of the ongoing effort to gather relevant data to improve fairness and accuracy in determining market values for income producing properties, the Orleans Parish Assessor’s Office has mailed income and expense forms to all commercial and exempt property owners in New Orleans.
By law, assessors in Louisiana are required to revalue all properties at least once every four years. Current Louisiana Tax Commission rules require parish assessors to update all properties from their current January 1, 2019 values, to January 1, 2023, values for this upcoming “quadrennial revaluation.” In Orleans Parish, the assessment rolls will be open from July 17, 2023, to August 15, 2023.
“With the quadrennial revaluation coming up this year for Orleans Parish, it is important we get as much good data from property owners as possible to help us get the job done correctly and in a timely manner,” said Orleans Parish Assessor Erroll Williams. “The more accurate our assessments are, the fewer adjustments we’ll have to make during what promises to be a very busy open rolls period.”
This is the second consecutive year the Orleans Parish Assessor’s Office has sent the income and expense forms to commercial property owners and the first time the office has sent the form to exempt property owners.
“We’re making a deliberate effort to value all income producing exempt properties this year,” continued Assessor Williams. “Even though they’re not taxable, we’re still required to revalue them to January 1, 2023, estimated market values. Receiving this income and expense information will help us get a better understanding of what these untaxed properties are worth.”
While filling out these forms is not a legal requirement for property owners, the information submitted to the Assessor’s Office on the income and expense forms is confidential under state law.
The income and expense forms are not to be confused with the LAT 5 – Business Personal Property Self Reporting Form, which was also sent recently. The LAT 5 is a required form for all business owners in Orleans Parish to report movable (i.e., personal) property which is subject to ad valorem taxation. Income and expense forms are sent to owners of commercial and exempt real (immovable) property to help determine real estate values.
The forms are requested to be returned to the office by April 1, 2023.