his upcoming open rolls period (July 17, 2023 to August 15, 2023) for the 2024 tax year is a quadrennial revaluation, meaning residential and commercial property assessments in Orleans Parish will be brought in line with current market values, announced Assessor Erroll G. Williams.
The Louisiana Constitution requires assessors to revalue all properties at least once every four years. Currently, all properties on the rolls are assessed based on market values as of January 1, 2019. However, starting in July of this year, assessments will reflect fair market values as of January 1, 2023.
To educate the public about the changes in upcoming assessments, the Orleans Parish Assessor’s Office is releasing an informational map with the change in average sale prices per square foot of average or better condition houses from 2019 and 2022.
These sales figures were first published by New Orleans Times Picayune (Homebuyers Look to Suburbs After Years of Surging Prices in New Orleans and New Orleans Housing Market Cools After Two Years of Frenzy), and both use data from the New Orleans Metropolitan Association of REALTORS.
“This map shows the changes in market values over the past four years and should give property owners some idea of what kind of changes are coming as we update assessments,” said Assessor. Williams.”
The per square foot prices shown on the map are for properties that sold in that respective year by zip code. The Assessor’s Office values properties using Computer Assisted Mass Appraisal (CAMA), a system that assists in the valuation process by analyzing various factors such as property characteristics, sales data, market trends, and other relevant information. Using the CAMA system, the assessor’s staff developed 393 neighborhoods for valuation purposes based upon permitted use, architectural continuity, building sizes, and sale prices.
A significant number of home sales shown on the map are new constructions or recent renovations. While these sales impact the market value of all properties, older homes that have not been renovated may not see as much of a change in value shown on the map, the Assessor said.
“More data is available on properties that were recently sold or renovated than on a 100-year-old home that hasn’t been renovated this century,” said Assessor Williams. “We get real estate listings daily and images, building information, and sales data from multiple sources. We are constantly scouring the permitting database from the city for renovations, additions, new constructions, and demolitions. But we’re otherwise limited to what we can see from the street, so that can make valuing some properties a challenge.”