St. Charles Parish officials fear that the federal Biggert-Waters Act will cause some residential real estate values to tank. But the parish's overall taxable value is on the rise. Preliminary estimates indicate that assessed property values will generate $1.198 billion this year for the parish, compared to $1.156 billion in 2012, Assessor Tab Troxler said. Troxler, who gave a...
St. Charles Parish officials fear that the federal Biggert-Waters Act will cause some residential real estate values to tank. But the parish's overall taxable value is on the rise.
Preliminary estimates indicate that assessed property values will generate $1.198 billion this year for the parish, compared to $1.156 billion in 2012, Assessor Tab Troxler said. Troxler, who gave a presentation Monday to the Parish Council, said that was the "good news."
The increase includes an uptick in residential home values from new construction and sales plus the expiration of some industrial tax exemptions, Troxler said. Those exemptions generally last for 10 years and shield industries from paying taxes.
"The tax roll is growing by about 3.5 percent," Troxler said. "These industrial tax exemptions are finally coming to their term, and these new assets are now coming on to the parish tax rolls."
St. Charles is home to dozens of international industrial plants, including Dow, Monsanto, Valero, Shell-Motiva and Entergy's Waterford 3 nuclear power plant. They pay millions of dollars in taxes every year. That tax base means St. Charles' cultural motto, "Parish of Plenty," applies to its financial coffers as well.
The parish levies a total of 113 mills through various public bodies. It has eighth most valuable tax roll in the state, Troxler said. But it has fewer than 52,000 residents, he said.
"We are a very, very valuable community," he said.
Over the next five years, St. Charles expects to see another $2.5 billion in assessed property added to the rolls, as more industrial tax exemptions expire.
Meanwhile, some residential property owners fear the effect of the Biggert-Waters Act. It eliminates federal subsidies for flood insurance and ends the grandfather clause that let existing properties keep their current flood insurance premiums despite changes in building standards.
That means property owners who built in compliance with prior codes could face insurance premiums that could rival their mortgage, parish officials have said.
West bank property owners are projected to bear the brunt of the new law. Unlike the east bank, St. Charles' west bank sits outside of the federal levee flood protection system, putting residents there at a greater risk for flooding.
Although a full assessment of St. Charles properties won't be done until 2016, some areas were re-valued this year based on the release of preliminary flood maps and the Biggert-Waters Act, Troxler said. He said he has tried to consider the law and its potential effect when assessing fair market value prices of those properties that could be substantially affected.
Starting Aug. 29, property owners may review their property assessment and appeal the amount at the assessor's office. On Oct. 7, the Parish Council, which acts as the Board of Review, will hear appeals that are not resolved with the assessor's office.
Additional information about the appeal process may be found on the assessor's website.