Caddo-Bossier Port Commission Considering Increasing Tax Millage

The Caddo-Bossier Port Commission has scheduled public hearings to discuss the potential of increasing property tax millages.

Before you freak out over the phrase "tax increase," though, you should know that it isn't a tremendous increase. Here's the explanation I got from Daniel Strickland with Gremillion & Pou Marketing:

This public hearing relates to the existing property millage passed in 1993 of 2.5 mills. The language below is mandated by law, but in layman’s terms what the Port Commissioners will vote upon is whether to increase the millage back to 2.5 mills as approved by the citizens from 2.49 mills, a one-one hundred thousandth of a penny difference (.00001).

Louisiana Law states that each assessment year when the value of property in the parish has increased, public bodies receiving millages must adjust those rates down to the rate required to collect the same amount of revenue they collected in the previous year ​-- 2.49 in the case of The Caddo-Bossier Port Commission. Those bodies may also vote to increase that millage rate back to the maximum approved by the voters - 2.5 in the case of The Caddo-Bossier Port Commission.

Those funds will be allocated to the following items:
1. Debt Service (paying down debt on existing bonds issued to finance port infrastructure development)
2. Capital projects such as warehouse construction and other facilities within the port complex
3. Port complex maintenance (repairing roads, railroads, warehouses and docks)
4. A small amount of the increase may be used for land purchase expenses (purchase price, studies, appraisals, title research, etc.)

These items are key in continuing to develop The Port of Caddo-Bossier as a prime location for business development and job creation. The Port’s past success indicates that 1 job has been created for every acre of land leased to companies.

Additionally, studies have shown that for every job created at The Port, 4 additional jobs are created in the community. It is the believe of The Port Commission this success and forward momentum must be maintained in order to continue bringing prosperity and a greater quality of life to our region.

One public hearing was held at yesterday's Bossier Parish Police Jury meeting. Another is scheduled for August 9 at 7 p.m. at the Blanchard Town Hall Council Room at 110 Main Street.