- February 02, 2017
- All Louisiana Issuing Offices
- UNDERWRITING - 2017 Tax Assessment (New Orleans Supplemental Property Tax)
The City of New Orleans issued a press release on January 31st announcing that its tax researches and bills have heretofore universally incorrect for the year 2017 because these do not include an additional assessment which was just approved. Supplemental bills will go out in the next few months. Agents therefore must do the following until the situation is resolved:
- Even if you have paid what you think is the 2017 tax assessment, you must add as an additional exception “Any supplemental taxes and assessments for the year 2017” in all policies.
- You should begin using a tax proration agreement or written warning of this situation to all parties to your transactions.
The full press release can be found at:
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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.