St. Charles Parish’s 2019 property tax rates will not change, but they are expected to generate more revenue.
The parish’s annual millage adoption was approved at Monday’s council meeting.
“The millages are remaining at the levels approved in the prior year so as to not pass any undue burden on the residents,” said Parish President Larry Cochran. “We are not increasing any taxes.”
Chief Financial Officer Grant Dussom said the 2019 property tax rates are expected to generate $40.5 million, which is collected on the assessed value of residential and commercial properties.
This year’s rates, which are the same as those passed for next year, are expected to generate $37.3 million.
Although the numbers won’t change for 2019, Dussom said the increase will come from higher property values and 10-year industrial tax exemptions ending this year.
Cochran said one of the largest monetary increases will be seen in the levee millage, as well as the road maintenance or public works fund taxes. Both funds will be used for levee construction and engineering.
This will take the parish out of a trend of declining tax revenue, which he said was mostly due to the inventory, particularly oil, falling in value. Called the inventory tax, it is assessed on materials like oil and its value plummeted in recent years due to the falling value of petroleum.
Dussom said it is reassessed every four years.
“It’s definitely good news and it doesn’t affect the resident at all,” he said. “It’s kind of a win-win.”
“This is a definite positive for the parish with tax revenues headed in the right direction,” he said. “The millages represent a crucial revenue source for the parish. Without them, we could never provide the services our residents are accustomed to.”