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Wed September 26, 2012
Isaac causes property taxes to decline in St. John
Damage from Hurricane Isaac will cost St. John the Baptist Parish about $2 million in property tax revenue.
The Times-Picayune reports Assessor Whitney Joseph Jr. told the parish council the value of the parish's tax roll will drop by approximately $14 million from previous estimates.
However, because of expiring industrial tax exemptions, Joseph says parish taxing bodies will still net about $6 million more than in 2011.
The parish's $370 million tax roll in 2011 was expected to increase in value this year by $62 million as the tax exemptions expired. But the lower values of storm-damaged property are expected to limit the increase to $45 million.
Parish officials estimate that about 7,000 homes in St. John the Baptist Parish flooded during Hurricane Isaac.