New Orleans, Louisiana 2021-06-22 17:00:00 –
The East Baton Rouge Parks and Recreation System hopes to recoup some of the money lost last year by returning the system’s tax rate to pre-pandemic levels.
Raising the voter-approved tax to the upper limit of 14.4643 mils (waiting for approval by the BREC Commission) will inject an additional property tax of approximately $ 3.5 million into the system’s financial resources.
Last year, BREC lowered its tax rate to 13.702 mils to give taxpayers a short break due to the serious economic consequences of the pandemic. A factory Equivalent to $ 1 tax for every $ 1,000 net valuation tax.
“We do that every year, taking into account the economic and taxpayer implications of last year,” said BREC coach Corey Wilson. “Based on the latest information we received about the economy, we thought we were in a much better position to seek a roll forward than last year.”
East Baton Rouge Parish real estate owners will receive some relief on tax claims after the city parish park and recreation system is selected …
A “roll forward” is basically a taxable entity that continues to collect annual property tax up to the maximum amount approved by the voters. The decision to lower the rate or keep it at its current level is generally made during the parish-wide reassessment year of 2020 in East Baton Rouge, where accessed values have risen.
Increased asset value means that taxable entities can benefit from additional income when the mileage rate is applied to the new valuation.
This week’s BREC board may hold a hearing on July 29 to consider the plan.
The proposal was made through the now dead proposal from Senator Bodywhite of R-Central, where BREC tried to dismantle the city parish park and recreation system to create separate parks in Zachary and Central. It was done because it succeeded in avoiding an intrusion into the operation. ..
White repeatedly argued that both cities did not get an impartial share of profits from the parish-wide recreational system. The state legislature finally decided to submit a one-year proposal in the face of widespread public backlash.
The sponsor of the bill, which divides BREC into three parks and recreational districts, withdrew his proposal on Thursday and said he wanted a BREC leader …
Wilson said Tuesday that it had nothing to do with the system’s decision to carry forward interest rates.
“These are two separate things (but) our eyes are more open and our source of income is no longer guaranteed,” he said.
In addition to $ 3.5 million in revenue from the recreational system giving up rollback, Wilson said BREC raised $ 4 million less self-generated, usually annually, due to the closure of the park due to pandemics and social reasons. He said it would be about $ 10 million. Distance rule.
Wilson said the ability to collect additional tax revenues would help finance some unfunded projects, such as ongoing refurbishments at the Baton Rouge Zoo and system bicycle and pedestrian projects. Rolling forward the mileage rate does not affect the timeline of these initiatives, he added.
According to Wilson, the park system will be able to save some money this year by streamlining the budget and will devote itself to reserves to continue the project.
“We don’t think it’s a healthy plan to spend our money balance every year for a project,” he said.
BREC hopes tax hike will bring revenue back to pre-pandemic levels | News Source link BREC hopes tax hike will bring revenue back to pre-pandemic levels | News