How much Shreveport’s $242 million bond proposal could cost you
SHREVEPORT, La. (KSLA) - On Dec. 11, Shreveport residents will head to the polls to address a sweeping $242 million bond proposal that affects various aspects of the city’s operations.
The $242 million price tag includes improvements, issuance, and insurance.
The proposal is broken down into five separate propositions:
- Public Safety
- $70.65 million
- $22.74 million
- Water, Sewage, and Drainage
- $64.7 million
- $63.375 million
- Shreveport Public Assembly and Recreation (SPAR)
- $21.135 million
Click here for a breakdown of how the money would be spent, if approved.
Instead of voting on the proposal as a single package, taxpayers will decide which specific propositions they want approved. So in theory, some proposals may pass, while others may fail.
But how much is this going to affect your wallet? If any of five proposals are voted through, your property taxes, or millage rate, will increase. Millage is used to calculate property taxes.
According to city officials, the current millage rate is 26.588 for property owners. What you pay varies on the assessed value of the property.
To calculate what you pay on property taxes in Shreveport, do the following:
- Multiply the taxable assessed value of your home by 26.588
- Divide that number by 1,000
Here is a breakdown of how much each proposition, if passed, would raise the millage rate over 20 years:
- Prop. 1 - 3.75 mills
- Prop. 2 - 1.25 mills
- Prop. 3 - 3.75 mills
- Prop. 4 - 3.75 mills
- Prop. 5 - 1.25 mills
If all five propositions are approved, the city millage rate would increase to 40.338.
To calculate what you could pay in property taxes if all five propositions pass, use the formula above, but multiply your home’s taxable assessed value by 40.338 instead of 26.588.
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