Tax Assessor Continues To Sound The Alarm
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Yalobusha County Tax Assessor/Collector Michael Walton (standing) told city officials that the tax value of real property in Water Valley will increase in the coming year.
WATER VALLEY – Yalobusha County Tax Assessor/Collector Michael Walton continues to sound the alarm that the tax value of real property in the county will increase an estimated-20-plus percent in the coming year. His warning came during the monthly Board of Aldermen meeting in Water Valley on April 1 and follows a similar notification to county supervisors last month.
Walton has reported that soaring real estate prices and years of inflation are expected to trigger a hefty increase in the taxable value of all real property in the county.
“Property values are going up. I did not say property taxes, I said property values are going up,” Walton told city officials. “Our property values in Yalobusha County are at the bottom of the barrel. That is no one’s fault, that is just where they have been.”
He also explained that an increase in the taxable value, or assessment, is mandatory to stay in compliance with state regulations that require the tax value to be around 80 percent of market value. Walton told aldermen that the property index, or a benchmark that tracks the performance of the real estate market, must increase in the coming tax year. The property index is calculated as part of the figures used to determine the assessed value and must increase from 1.08 to 1.15 in Yalobusha County. Walton said the property index increase is also mandatory, as it must be within 10 points of the state’s property index.
“The state index for the north half of Mississippi is going to 1.25,” Walton continued. “So to be in compliance with the state, we have to be within 10 points of what the state’s index is. That tells you that we have to go to at least a 1.15 on our index.”
Using his house as an example, Walton told aldermen that the current assessment is $155,000. Using the city’s current tax rate of 43.5 mills, Walton’s tax bill if he lived in the city would be $677. With the anticipated increase in tax value of his home in the coming year, Walton said his tax bill from the city at the same tax rate would increase to $824.
“We want to make sure you are ready to do adjustments to the millage rate. I don’t control the city, that (control) is this table right here. I don’t know what you have planned for next year, but if you leave this millage rate the same you will have a higher tax bill,” Walton explained.
Walton’s job is to set the taxable value of real property in the county. Using those figures, county supervisors, school board trustees in the Water Valley and Coffeeville districts and aldermen elected in Water Valley, Oakland and Coffeeville will set the tax rate.
“It all comes down to what we need,” Walton said about the revenue needed to run the county, schools and municipalities.
Walton reported he plans to visit each officials at each entity to provide an explanation about the increase and explain that if the tax rate is not dropped, taxes will increase over 20 percent.
