New Orleans Mayor LaToya Cantrell is searching for ways to mitigate the impacts of "skyrocketing property values" while also holding on to some of the new revenue created by the corresponding rising property taxes.
"Mayor LaToya Cantrell’s administration is recommending trimming the city’s tax rate in response to skyrocketing property values," reports Jeff Adelson.
The proposed tax relief is included in the mayor's proposed 2020 budget, released this week to the City Council.
"Council members have been pushing for tax rates to fall in response to this year’s unusually large increase in property values," according to Adelson. "The administration has pushed to keep at least some of the new money the reassessment will bring in, arguing that the city is at least $100 million a year short of the money it needs. It remains to be seen how the council will react to the administration’s latest plan."
The article includes a lot more detail about how the property tax millages break down for the various taxing entities around New Orleans, and how each of them are responding to budget shortfalls and the infusion of cash from increasing property values.
As for where and by how much property taxes are increasing around New Orleans, Adelson also reported on that subject in an article published in July, tracing the dynamic to the gentrification of neighborhoods around the city's historic core and warning of a worsening lack of affordable housing.
FULL STORY: With spiking New Orleans assessments, Cantrell's office to recommend trimming tax rates
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