NEW ORLEANS - Last week, Council President Helena Moreno released a letter of support strongly backing the effort by State Representative Matthew Willard to ask voters to constitutionally cap residential property valuation increases to 10% a year. The proposed constitutional amendment, if passed by the legislature and subsequently approved by voters, would cap property value increases to help prevent the erosion of affordable housing in New Orleans.
“Housing affordability is a bedrock issue in New Orleans, and I’m proud to stand with State Rep. Willard on his effort to cap these escalating costs that drive up rents and chase longtime homeowners from their family homes,” said Council President Moreno. “Everything good, worthwhile, and sacred about our City is derived from the people who live here, and we must protect our neighborhoods from rising costs wherever we can.”
"This is the first step of many to try to make the way our tax assessments are done sensible and predictable. Affordable housing includes the expenses of homeownership and in many instances, our current methods are acting as a gun, and effectively robbing people of their homes. We have to have a system that allows not only the wealthy but all New Orleanians to live and thrive in their neighborhoods," said District "B" Councilmember Jay H. Banks.
The proposed constitutional amendment would limit valuation increases to 10% annually, except if the valuation changes were caused by sale or renovation. If the legislature approves, it would be placed on the fall ballot for consideration by voters statewide.
See Councilmember Moreno’s letter here.
View HB143 for more information here.
Chief of Staff, Office of Helena Moreno