If you are an investor in the New Orleans area, you should read the press release below. This is a great incentive to renovate commercially or residentially and save on your property tax for 5 years. It is really great for those who will owner occupy. If you buy a new home in one of the below mentioned districts, you can lock in that price for your taxes and not the renovated and assessed price when you are done for 5 years.
For questions and details, comment or send message below to Mirambell Realty
CITY OF NEW ORLEANS AND COUNCILMEMBER GISLESON PALMER TO HOST RESTORATION TAX ABATEMENT PROGRAM INFORMATION SESSION
NEW ORLEANS, LA—Today, the Mayor’s Office of Economic Development and District C Councilmember Kristin Gisleson Palmer announced the upcoming Restoration Tax Abatement Program information session taking place on Tuesday, September 10.
The program is an economic development opportunity that freezes real estate property tax at the pre-improvement level, for a five-year period as an incentive to buyers of commercial structures and residential property purchased and redeveloped in one of the three (3) qualifying districts below:
Downtown Development District
Economic Development District
The purpose of this information session is to inform the Algiers business community of new opportunities within the newly created Midtown Algiers and South Algiers Economic Development Districts. Participants in the program are eligible, for a second five-year contract renewal if approved by the New Orleans City Council. The program is open to all Louisiana businesses and homeowners with existing structures in qualifying locations.