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Tax hikes strain retirees as living costs soar

September 13, 2024 | Livingston Parish, School Boards, Louisiana


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Tax hikes strain retirees as living costs soar
During a recent government meeting, concerns were raised regarding the rising cost of living and its impact on local residents, particularly those nearing retirement. A speaker highlighted that many older citizens, aged 62 and 63, are struggling with increasing property taxes, which have surged by $500 to $600 annually. This financial strain is particularly challenging for individuals preparing for retirement, as they face a fixed income.

The discussion also touched on the financial growth of the Livingston Parish School Board, which has seen a significant increase in revenue since 2015. The Minimum Foundation Program (MFP) funding has risen by $35 million, while sales tax revenue has increased by $31 million over the same period. The speaker emphasized that these increases are ultimately funded by the local populace, as higher costs of goods lead to higher sales tax collections.

Despite claims of financial losses from various entities, the speaker argued that the Livingston Parish School Board has experienced an 11% growth in property tax revenue since 2020, with assessed property values rising from approximately $618 million to $686 million. This growth contradicts assertions of financial hardship, prompting a call for collaboration among local officials to alleviate the tax burden on residents.

The speaker proposed a reevaluation of tax rates, suggesting a phased approach to adjustments, which could provide relief to those affected by the rising costs. The overarching message was clear: while expenses have increased, the focus should be on finding solutions that support the community rather than imposing further financial strain through taxation.

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Scribe from Workplace AI
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