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Resource ID: #21320
Subject: Real Estate
Source: Times-Picayune (New Orleans)
Affiliation: 
Date: April 4-6, 2004

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Description

This investigation unearthed some major issues with property assessment in New Orleans. People who bought homes in New Orleans in 2003 paid, on average, 70 percent more than the value assigned by the assessor. These deficiencies in the appraisal process occur because many valuations have been "...Out of whack for decades, leading to accumulated tax inequities in the tens of thousands of dollars on some properties." The biggest breaks go to homeowners in neighborhoods that have experienced steep price appreciation in the last decade. The implications of this problem manifest themselves in the potholes on the streets and low-quality school buildings -- the city is losing tens of millions of dollars in property tax revenue every year.

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