By Misty Castile | The Center Square
(The Center Square) – Voters Tuesday approved a 25-year continuation of a property tax projected to generate about $714,179 annually for Shreveport’s Downtown Development Authority.
With 100% reporting, 26,282 voters, or 51.6%, supported the measure and 24,653, or 48.4%, opposed it, according to unofficial results reported by KSLA. The measure passed by 1,629 votes.
The vote authorizes the city to continue collecting 9.04 mills on taxable property within Shreveport’s Downtown Development District from 2028 through 2052. At that rate, property owners pay $90.40 a year for every $10,000 in taxable assessed value.
The Downtown Development Authority can use the revenue to cover operating and administrative costs, buy property, fund projects or repay debt. The ballot measure restricts spending to the district’s benefit.
Voters originally authorized 7.99 mills in 2002. The ballot measure attributes the 1.05-mill difference between that rate and the 9.04-mill levy to property reappraisal.