Taxable assessed values in St. James Parish grew by 7.7 percent between 2010 and 2011 as oil inventories and increased activity at an alumina plant helped increase values, the parish assessor said Friday.
The increases are expected to lead to a roughly 4.8 percent increase in revenues to all taxing bodies in the parish, the assessor’s figures show.
Assessor Glenn Waguespack said total taxable assessed value rose from $379.5 million in 2010 to $409 million in 2011.
Revenues from the values rose from just less than $42 million in 2010 to about $44 million in 2011, Waguespack said.
The taxable assessed values are those on all properties after the homestead and other exemptions are factored out.
The values and ad valorem tax rates are the bases upon which property owners’ annual tax bills are calculated. The next reassessment year is not until 2012.
Waguespack said no challenges were brought to the Board of Appeals, which comprises all Parish Council members. Tax rolls were closed last month.
He said oil inventories increased at the 235,000-barrel-a-day Motiva Enterprises LLC Convent refinery and also at tank farms in the parish.
Waguespack said the Noranda Alumina LLC plant saw its value rise after a four-year deal with his office on its value expired.
“Because they are doing better and making some money, Noranda Alumina’s value increased some,” he said.
The Franklin, Tenn.-based Noranda owns the former Gramercy Alumina plant. The company bought it in 2004 under a joint venture but took full control in 2009.
The one-time Kaiser Aluminum Corp. plant was sold to the old joint venture as part of Kaiser’s bankruptcy, Noranda public filings say.
Alumina, which the plant refines from Jamaican bauxite ore, is smelted into aluminum at a Noranda plant up the Mississippi River in Missouri.