NEW ORLEANS -- The building sits near the heart of the French Quarter, and came with a hefty price tag: $21.3 million dollars when it was purchased by its current owners in 2006.
But a quick check of the Orleans assessor's website shows the 2010 appraised total for the building is just $3.7 million dollars.
Sixth District Assessor Nancy Marshall said it's one of many examples of grossly under-assessed and under-valued property that hurts you and the city.
"That's $20,000. That's some of the employees of City Hall that will be laid off because of the fact that we don't have money to pay them because of that kind of shoddy assessment job," she said.
Marshall said the city could take action that would drastically reduce the millage rate here, which in turn, could drop property taxes for many, and force others to pay what she calls their fair share.
"The millage is a little over 12 mills, it's between 12 and 13 (mills) right now, so it could go down dramatically," said Councilwoman Stacy Head.
Head said the end result would mean more competition and more incentive for others to settle in New Orleans.
"It makes it a lot less expensive to buy a house in New Orleans, it makes it a lot less expensive to open a business in the city of New Orleans," she said.
Marshall explained the importance of re-assessments and city-wide fair assessments to council members Thursday. It's something she said hasn't happened here in decades.
"We have anecdotal stories of businesses (that) choose not to move into New Orleans, but instead go to Harahan because it has lower millage," said Marshall.
While the idea may sound good, it won't necessarily be a popular one for everyone.
"If you look at it from a city-wide perspective, I don't see any argument against the philosophy of equitable taxation," said Head. "If you look at it on an individual basis, people who are getting away with not paying their share aren't going to want to have to pay their fair share."
