Former 22nd District Attorney Walter Reed has a sale pending on his downtown Covington condo, which has been http://theadvocate.com/news/opinion/11186180-123/outgoing-tammany-da-walter-reed">on the market just over three months, according to the Multiple Listing Service. It is now listed at $619,900 — more than the reduced price he was seeking in January of $599,900.
Reed announced in July that he would not be seeking a sixth term as district attorney, and a spokesman said at the time the condo went on the market that Reed was preparing to retire after “proudly serving” the people of St. Tammany and Washington parishes.
The Claiborne Place condo, located at 948 Village Walk, is a three-story, 3,849-square-foot unit. An on-line listing touted features that included an elevator, imported Italian fireplace mantels and custom silk-tasseled draperies. The description was “Old World French Quarter Architectural Influences Meets New.”
Reed bought the place in 2011 for $230,000. The most recent listing price of $619,900 matches what that Reed was asking in November.
Reed only began claiming a homestead exemption on the condo in 2014, and it was valued at $267,590 on the 2014 tax roll.
“The value listed on the roll was placed on the property when it transferred ownership and Mr. Reed purchased it,” Sheri Campbell, spokeswoman for Assessor Louis Fitzmorris, said in an email. “At that time, the dwelling was still a shell and under construction, hence, the $267,590 value.”
Normally, a certificate of occupancy is awarded when construction is complete and the assessor’s appraisal department is sent a copy, Campbell said. That alerts the office to make a change in value, she said.
“However, we never received a CO or any permit whatsoever on this property. So the value remained unnoticed and unchanged,” she said.
The Assessor’s Office only conducts mass appraisals and doesn’t inspect interiors, she said.
The property is now listed on the 2015 tax roll for $471,931.
Campbell called the listing price irrelevant and said the sales price can’t legally be considered for purposes of valuing the property at this time.
But the sales price will be considered for the 2016 assessment, she said. The office will look at sales from July 1, 2014, through June 30, 2015, for that reassessment year.
Before Reed claimed a homestead exemption on the condo, he had an exemption on 219 Thornwood Drive, which he sold last April. He had received a http://www.theneworleansadvocate.com/news/9408690-171/st-tammany-da-reed-got">tax break on that property under former Assessor Patricia Schwarz Core, and he continued to claim an exemption on the home even though he was renting it out to his partner in a gold-buying business, Yancie “Bubba” Moseley III.
This story was altered on March 3, 2015 to reflect that $619,900 is the listing price.
Follow Sara Pagones on Twitter at @spagonesadvocat.