Residential property values in Jefferson Parish have increased nearly 3 percent since 2012 when the last quadrennial reassessment was conducted, Assessor Tom Capella said. Some homeowners, particularly those in "hot spots" such as Old Metairie and Bucktown, may see increases of 6 or 7 percent, he said.
Overall, the parish's total taxable property value is $3.57 billion, up 7 percent since 2012 when it was $3.33 billion.
"The numbers show a good growth in some places, moderate in some others, flat in some others," Capella said " But overall everything's up a little bit which is good news for the parish."
Every four years, the law requires that all property in the parish be assessed -- or valued -- for taxing purposes. Most Jefferson Parish properties haven't been evaluated since 2012, with exceptions for some that have been sold or renovated extensively.
Property owners were sent valuation letters earlier this month. The tax rolls are currently opened through Monday (Sept. 5) for owners to challenge the value, so the final amount on which the parish bases its property tax assessments could change slightly, Capella said.
The greatest value changes for residential property ranged from a 1 percent decrease in lower portions of the West Bank to around 7 percent in Old Metairie and Bucktown. Most property owners saw a 2 to 3 percent increase, he said.
"Over four years, you want your property to go up. You don't want your home to devalue," Capella said. "When your value goes up, it doesn't raise your taxes because there is a concurrent roll back."
When property values increase, state law requires agencies to reduce or "roll back" their millage or tax rates in order to generate the same amount of money as the previous year. However, the law allows taxing districts to vote to increase or "roll forward" the tax rates to collect that extra revenue.
"So, the increase in value does not increase your taxes," Capella said. "What increases peoples taxes are when the taxing districts like the (parish) council, the sheriff or the levee district or the school board roll their millage forward."
On the commercial side, the average increase was around 4 percent with the highest around 8 percent in perennial prime spots: Veterans Memorial and Causeway boulevards and Elmwood on the east bank, and the West Bank Expressway and Manhattan Boulevard on the west bank, Capella said.
"It's a positive if the value goes up a little bit," he said. "It seems like it's steady and growing and those numbers are good news."