FOR IMMEDIATE RELEASE
October 26, 2020
Contact: Allyson Sanders
Report Reveals Senator Bill Cassidy’s Lakefront Mansion is Drastically Under Assessed, Dodging Higher Property Taxes
BATON ROUGE, LA – A new report in The Bayou Brief reveals that Sen. Bill Cassidy’s 4,600 sq. ft. lakefront mansion is drastically under assessed at just $358,100, allowing him to avoid paying his fair share of property taxes that fund local schools, police, fire departments, and more.
Taking into consideration the 1990 purchase price of $220,000, Cassidy’s home should be valued in today’s dollars at a minimum of $443,000. According to the Tax Assessor, this would mean the value of their mansion has plunged at a time when countless other home values in less exclusive neighborhoods are being raised well above Cassidy’s.
Cassidy’s most recent mortgage – $720,000 in 2016 – reveals that both he and his mortgage broker believe the home is worth more than twice the assessed value. When factoring in Louisiana’s homestead exemption, Cassidy pays $2,713.85 a year in property taxes – less than a third of what he should.
“Baton Rouge relies on property taxes to fund local schools, police departments, fire departments, transit, and other crucial services. But instead of paying his fair share, Bill Cassidy pays less than a third of the property taxes that he should, effectively meaning he’s defunding the same departments and services he claims to protect,” Louisiana Democratic Party Chair Katie Bernhardt said. “This is one part of a larger pattern of Cassidy looking out for himself over our communities. Over six years, he’s done almost nothing to help working people get ahead, and now he’s refusing to advance a critical relief bill to get working families through this pandemic.
“Louisiana deserves better. We must vote Cassidy out of office and elect Adrian Perkins to fight for all working Louisianans.”