LUSJ is reporting that the city counsel is looking to bid out the city wide reassessment.
Macaluso, who works for the city on a contractual basis, has already told Tucker that revaluation services by a private appraising firm could cost $200,000 to $250,000. Updating the city’s property inventory, which is known to be rife with inaccuracies, and checking/adjusting the assessed value of every parcel is expected to take about 18 months.
I can guarantee there will be outrage again. ;)Adjustments have been nominal since mid-2006, when then-Assessor Vince Smith quit the post in light of widespread public outrage over his proposed value hikes. His successor, Peter Galarneau, quit earlier this year, after informing Tucker he could not manage revaluation without some outside help.
The city would be wise to find ways to make the assessment positive. No one likes to be penalized for upgrading their properties while others get "rewarded" for neglect. Case in point being the reduced assessment on the F&M building because of water damage and no tenants. In most instances the system is backwards.
The truest value is sale price. What about setting the assessed value at what the the house was purchased for and keeping it there for that owner? Find a way to reward those who stick around and those who take run down houses and invest in them. Next time it is sold the assessment will automatically bump itself up to the fair market value. (of coarse loop holes would have to be closed) As for DT, how about some partial land based tax components to deter parking lots and sitting on empty buildings?
The assessment process should be another tool to promote investment; not to deter it. The citizens would be much happier.



