re: Another reason you shouldn't blindly vote for taxes

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I wonder if some know what a bond election is. I think this one is a 10 year but not certain.

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folks are blindly upvoting you when your math is wrong


I feel like this thread was a social experiment or something.

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PROPOSITION

Shall the Parish of East Baton Rouge Capital Improvements District (“District”) be authorized to levy a one-half of one percent (0.50%) sales tax (the “Sales Tax”) (an estimated $46,000,000 is reasonably expected to be collected for one entire year), for 30 years, commencing April 1, 2019, to and including March 31, 2049, and shall the proceeds thereof be used (A) (i) to construct or improve roads, including drainage projects and traffic synchronization, within the cities of Baton Rouge, Baker, Central and Zachary and the Parish of East Baton Rouge (the “Parish”), (ii) to improve existing corridors to increase mobility, including signal synchronization and sidewalks, and (iii) to construct community enhancement projects, including drainage, lights and sidewalks, within the cities of Baton Rouge, Baker, Central and Zachary and the Parish, and (B) to improve the Advanced Traffic Management Center, such improvements prioritized (i) within the Parish and Baton Rouge as described in the MovEBR Plan dated August 8, 2018, and (ii) within Baker, Zachary and Central, as determined by the applicable governing authority, and shall the aforementioned political subdivisions be authorized to fund proceeds of the Sales Tax into bonds as permitted by the laws of Louisiana?

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Millage rates for individual properties are usually found on the property deed itself. Frequently, these taxes are labeled in "mills," with one mill representing $1 in tax per $1,000 in tax-assessed value.

How to Apply Millage Rates
With the property's tax-assessed value and the total assigned millage rate, a homeowner may calculate annual property taxes. A home's tax-assessed value is a percentage of its market value. In some locations, the assessment of tax is on 100% of the market value. However, in other places, tax-assessed values can equal as little as 10% or less of the market value. The millage rate has an impact on the property's tax-assessed value.

For example, consider a home with a market value of $200,000 in an area where the tax-assessed value equals 20% of the market value. As a result, the homeowner property tax has a basis of $40,000. The home's total millage rate is 70 mills (70/1000), which means for every $1,000 assessed value, $70 in property taxes is due. Therefore, the homeowner owes $2,800 in property taxes ($40,000 * .07).

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For residential property in Louisiana, assessed value is equal to 10% of market value. If your home has a market value of $100,000, your assessed value would be $10,000. Homeowners in Louisiana are eligible for the homestead exemption, which can significantly reduce property taxes owed.

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For those who don't know, a mil can also be viewed as $1 per every $1,000 of home value. So a 1.5 mil tax would be $1.50 per $1,000 of value. With the average home price in EBR arond $170k, that would amount to an extra $255 in property taxes per year for 10 years and not the $18.75 that they claim.

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