The Assessor’s office is mandated by the Louisiana Constitution to reassess all taxable real property at least once every four (4) years. The most recent reassessment was 2016. The next reassessment will be in 2020.
In a reassessment year, the Assessor’s office determines property value by MASS APPRAISAL. Properties are not individually appraised. Sales are categorized into groups of comparable properties based on value factors such as location, age, and size.
The first step of the reassessment process is the gathering of the applicable data (sales, costs, and lease data) for the time period specified by the Louisiana Tax Commission. For the 2016 reassessment, the time period was July, 2014 through June, 2015. Sales information was gathered from public records, multiple listing services, and other sources. Only arm’s length transactions are considered.
Data is analyzed and a price per square foot is extracted from the sales data and applied to the group in mass. Special circumstances, such as fire damage, can warrant an additional adjustment. Written documentation, such as an independent appraisal report, insurance claim document, or other document must be provided to support an adjustment.
Louisiana Revised Statute 47:2331 sets forth the reassessment process. The Louisiana Tax Commission provides additional rules and regulations as well as providing oversight of reassessment statewide.