Concerned about the cost of living and inflation, the Pearl River Town Council has decided to reduce its millage rate this year and, in turn, tax bills for its residents.
The council officially approved plans to reduce the town’s millage rate from 5.54 mills to 5.35 mills at its Aug. 20 meeting. The millage rate is a multiplier that is used to determine how much a person pays in property tax based on the value of their home or business. The millage is the tax rate per $1,000 of a property’s assessed value. For instance, if a home in Pearl River is worth $300,000, property taxes on that home would be $1,605 based on a 5.35 millage rate, a savings of about $57 from the previous rate.
The move comes during a reassessment year for property values in the state, something that takes place every four years. Skyrocketing property values in St. Tammany might be good news for people trying to sell a house, but it means higher property taxes are coming for just about everyone else.
St. Tammany Parish Assessor Louis Fitzmorris has warned residents of the increase, citing that it’s the highest he has seen during his 10-year tenure. So, in an effort to help offset that sticker shock, Pearl River aldermen said they wanted to do their part, however small, to ease the tax burden of townspeople.
“With all the upcoming increases with taxes, the mayor thought it would be a good idea to help the people in the town to be able to afford things and life in general,” said Alderwoman Kristy Franatovich, who gave credit to Mayor Joe Lee for the plan. “So many people are having trouble paying day-to-day for groceries and bills, so if we can help anybody, that’s what we’re here for.”
Alderwoman Angel Galloway said rolling the town’s millage back some will hopefully keep residents from any increase to their Pearl River-specific taxes.
“God has really blessed Pearl River and the way we can return the favor is do whatever we can to bless our residents,” she said.
Lee said the town was in a good position financially to make the move, thanks to new businesses moving to town which created more sales tax revenue.
“We’re not hurting for money,” he said, “and it was an opportunity to put the residents first.”
Also discussed at the meeting was a change in speed limit affecting The Oaks at Taylor Farm subdivision. At the request of the subdivision’s developers, aldermen voted to drop the limit from 25 to 15 mph in that residential area.
Lastly, Richard CPAs reported at the meeting that a recent audit of Pearl River’s finances had no substantial findings and that the town was deemed financially sound.
“We’ve cleaned up and resolved all of our issues from the past and we’re happy and proud to say we got a good audit,” Lee said.
