Posted: Aug 7, 2012 4:23 PM by KATC
Updated: Aug 7, 2012 4:24 PM
(Lafayette, La.) - The Lafayette Parish School Board will hold a Public Hearing and a Special Board meeting in August regarding current millages. The Public Hearing will be held on Wednesday, August 15 at 4:00 pm and followed by a Special Board meeting to begin at 4:30 pm; these meetings will be held in the Board Room of the Lafayette Parish School Board at 113 Chaplin Drive.
The Louisiana state constitution requires all property subject to taxation to be reappraised at least every four years. This year, 2012, is a reassessment year for property taxes. In addition, the Louisiana state constitution mandates the adjustment of ad valorem tax rates downward if property values increase. The meetings will convene for the purpose of considering levying additional or increased millage rates without further voter approval or adopting the adjusted millage rates after reassessment and rolling forward not to exceed the prior year's maximum. The estimated amount of tax revenues to be collected in the next tax year from the increased millage is $49,419,651 and the amount of increase in taxes attributable to the millageincrease is $2,474,357.
Property tax proceeds serve as a source of funding for the general operations of the school district. General operations include the salaries and benefits of employees, as well as the operation and maintenance of facilities.