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Louisiana Senate committee advances bill to slow property tax hikes in areas of exploding home prices

Source: watchdog.org - Mar 21, 2018

If you’ve owned and lived in your home for years, or even decades, imagine how debilitating it would be if one day you learned that your property tax assessment was suddenly going up to the point where you could no longer afford to stay there. Going up so much, so fast, in fact, that you might have foreclosure proceedings instituted before you could even consider selling it.

This is a reality for some homeowners in Louisiana, particularly in New Orleans, according to state Sen. J.P. Morrell, a Democrat from that city. Morrell, the chairman of the Senate’s Revenue and Fiscal Affairs Committee, brought a bill before his fellow committee members to try to address such issues.

Morrell told his colleagues that in some neighborhoods, the demand for housing is exploding, leading to massive increases in the assessments of everyone who lives there.

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Category: General Business