A public hearing is set for 4 p.m. Wednesday before the Lafayette Parish School Board votes at 4:30 p.m. on whether to roll forward millage rates and collect an additional $2.5 million in property taxes. The Lafayette Parish School Board will hold a public hearing Wednesday before it votes during a special meeting on whether to roll forward millage rates and collect an additional $2.5 million.
When property reassessment occurs every four years as required by law, the millage rates (or the percentages governmental agencies receive from property taxes) must be adjusted to reflect any increase or decrease in overall property values. If property values have risen, government bodies can "roll forward" millage rates, which equates to a marginal increase in property taxes if your property values have gone up and a rise in revenues for the agencies collecting the taxes.
According to a press release from LPSS, LPSS is slated to receive $49.4 million in property taxes over the next year.
The public hearing will be held at 4 p.m. and the special board meeting is slated for 4:30 p.m.