Friday, February 22, 2008

Beware Procrastinating Property Tax Payers

Posted on Fri, Feb 22, 2008 at 1:35 AM

At a recent dinner party, the standard New Orleans conversation seemed to be going down the predictable checklist of reasons we might be crazy people to live in New Orleans-- (the crime, the schools, the levee system etc).. the same old complaints, different circle, different party. But when the property tax debate came up over 1 assessor verse 7, I learned something from an acquaintance about the late fees on our property taxes that I was not aware of before or if I know is completely accurate.

This individual stated that if you are "1 day late" on paying your property taxes you are charged a 10% penalty fee for that month. If you miss another month it goes up another 1%, and the next month another 10% hit and so on and so on. They weren't sure if you ever maxed-out on fees.

So if you owe $2000 in taxes and are 2 months and 1 day late, you are charged a 21% penalty or about $2,444 (compounded). Or an annual interest rate of about 88%, and I thought credit card companies were brutal.

Maybe someone can clarify if this is true or not... and if you think you may be tardy on your taxes go to the cities efficient tax payer website NOW!.

It is always very pleasing when the city has working technology, even if it is to pay a bill.

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