County’s Tax Base Shrinks Slightly
County’s Tax Base Shrinks Slightly
By David Howell
Editor
COFFEEVILLE – Budget time for the county has arrived and supervisors learned the tax base has declined slightly during tax assessor/collector Linda Shuffield’s annual presentation of the tax rolls. An annual duty, Shuffield presented the 2016 tax rolls to supervisors during the July 5 board meeting in Coffeeville and her figures indicated the county’s actual taxable value decreased two percent.
The decrease marks the first for the county in four years and will result in supervisors having less revenue to budget for the coming fiscal year, which starts October 1, unless they raise the county’s millage rate. Shuffield reported the county’s total assessed value had a small increase, but the actual taxable value (57,638,133) is determined by taking the total assessed value of the county (86,997,822) and subtracting homestead deductions (9,694,320) and industrial exemptions (19,665,369).
Industrial exemptions are granted to industries by supervisors on a case-by-case determination for new investments, typically for a 10-year period. This is the largest deduction for the county’s tax base, as almost 23 percent of the county’s total assessed value has been exempted from property taxes with the exception of school taxes, which cannot be exempted. This exemption is only available for industrial manufacturers and is a commonly-used tool across the state for job retention and as an incentive for new jobs.
Homestead deductions include exemptions for homeowners, residents 65 and older and disabled residents. This year’s homestead deductions increased over the previous year and is one factor in the county’s actual tax value declining. Shuffield reported that a new state law allows any veteran who has a service-connected, total disability an exemption on ad valorem taxes, accounting for 267,072 in assessed value being added to the county’s homestead deductions this year.
Another factor cited by Shuffield for the decrease in the county’s tax value was a 451,367 drop in the county’s personal roll value. Unlike the land roll, which is steady, she explained the personal roll reflects fluctuations in equipment and inventory for businesses and industries in the county, as well as businesses that open or close each year.
One bright spot Shuffield shared was the construction of 18 new homes in the county, up from 16 the previous year.
With the tax collector/assessor’s presentation of the tax rolls, the public now has the right to inspect their assessment as declared by the tax assessor. Any objections must be filed in writing with the Chancery Clerk’s office on or before July 31. Hearings are scheduled at 9 a.m. on August 1 at the Water Valley courthouse and again on August 2 at the same time at the Coffeeville courthouse.
The tax assessor-collector’s visit was in compliance with state law regulating the tax procedures. That process culminates each year during September when supervisors adopt a budget for the coming fiscal year, which starts October 1. Using Shuffield’s figures, supervisors will work in subsequent meetings to determine the millage rate.
Other business conducted at the July 5 meeting included:
• Approved the minutes from June meetings.
• Heard a report from the Yalobusha County Economic Development and Tourism District board president Earl Gibson on the progress of updating the county’s website. Gibson said the new website should be up and going within several months after a consultant was hired to produce a template that could be easily updated. Gibson’s report follows earlier requests from the board to maintain a website promoting the county.
• Reappointed Earl Gibson to the Yalobusha Water and Sewer Board. Larry Gray and Gary Potts were also appointed to the board, filling the positions of Andy Grass and Willie Baker.
