New Orleans Condos, Tax Rates Drop 29% for 2008.  Savings for homeowners just in time for Mardi Gras, find out how much you will save.

      The tax rates for New Orleans which is Orleans Parish has been dropped by 29% as part of the Orleans Parish reassessment efforts. This means if you have recently bought real estate and your taxes were based on your sales price then you will see the drop. The new millege rate is 1.288 which means its $1288 per 100k of assessed value. The previous rate was around 1.81 mills with small variances in some taxing districts. This is great new if you are considering buying in the future. On a 200k condo you will save over $1000. That is real money!  You still get a $75,000 homestead exemption if its your primary residence. That means a condo assessesed at 175k, then your taxes are about $1288 per year. The bad news is you pay for the year in advance.  

The saving of a homestead exemption is $966 per year.  I am sure our politicians will be back for more, I am sure you can spend your money better than they can.