BusinessReport.com

The value of East Baton Rouge Parish property has increased 32.6% in the past four years, Assessor Brian Wilson says. Wilson put the assessed value at $3.028 billion, compared with the 2004 assessment of $2.282 billion. The post-Katrina demand for housing in the parish led to this increase, along with continued growth in the local economy. The assessment is slightly lower than in Lafayette Parish, where home values increased between 35% and 40% over the four-year period, according to published reports. The higher assessments will cause taxpayers to pay more and could lead to extra money for local government entities, such as the Metro Council, the library system and the school board. While state law requires local taxing authorities to roll back their property tax rates to generate the same amount of revenue under the old assessments, entities can ask for the current rates to hold to bring in more money. The city-parish library board is reportedly seeking to hold its assessment at 11.1 mills, a move that will bring in an extra $3.6 million.