By David Howell
WATER VALLEY – Although the millage rate will decrease slightly in Yalobusha County, many property owners could see a slight increase in the taxes following a state-mandated reassessment.
Tax Assessor Linda Shuffield and her staff traveled the county reassessing each parcel of land in Yalobusha. State law requires this process each four years.
“We are making sure that we are within a required limit of market value,” Shuffield explained. Appraisals are audited annually and the millage rate is set by local governments, she added.
The 2007-2008 fiscal year millage is planned to be set at 95.70 – a decrease of 5.10 mills from the previous year. The final budget is scheduled to be adopted after a public hearing set for Sept. 14 at 9 a.m. at the Coffeeville Courthouse.
The proposed new millage, 95.70, would be the highest rate in the county which includes a 10 mil assessment for Yalobushians who live in the Tillatoba Drainage District.
“Everybody’s millage is a little different,” Chancery Clerk Amy McMinn explained, pointing to various types of land in the county, a road bond in one section of the county and other factors.
The coming fiscal year begins October 1.
The Board of Supervisors is also mandated to levy enough millage to fund the requests of each school district.
Water Valley and Coffeeville School Districts also each requested an increase in funding.
The Water Valley School District will have an increase of 2.72 mils.
The Coffeeville School District will have an increase of 0.90 mills.
A mil generates approximately $54,000 countywide according to Chancery Clerk Amy McMinn. In the Water Valley School District a mil generates approximately $32,467 and in the Coffeeville School District a mill generates approximately $28,370.
A mil is equal to $1 of tax for each $1,000 of assessment.
The total assessed value of the county is $69,684,836, but after homestead exemptions and county exempt industries, the total taxable value of the county is slightly over $54,000,000.
Final budget talks before the public meeting surfaced during a recessed meeting held last month in Water Valley, as Yalobusha supervisors worked through almost $140,000 in requested budget increases from various departments in the county.
These requests, which were examined on a line-by-line basis, were mostly axed. One reason cited during the meeting was that many of the departments in the county were running under budget during the 2006-2007 fiscal year and in previous budget year.