County's assessed value up 2%
Wednesday, July 17, 2013 1:00 AM
The assessed value of Neshoba County rose $3.3 million, or about 2 percent, during 2012, which was welcome news to the Board of Supervisors.
The previous year the county saw a $700,000 drop in value despite reappraisal. That included about a $5 million loss in automobiles alone.
The total assessed value of the county was at $163,273,553 as of Jan. 1, 2013.
During calendar year 2012, the county saw $9,271,280 in true value new construction.
Broken down, that included $8,920,370 in the unincorporated areas of the county; $304,120 in the city of Philadelphia; and $46,790 in the parts of Union that are in Neshoba County.
A hearing for the public to comment or object to the true value assigned to their properties, both real or personal, is set for Aug. 5 at 10 a.m. in the supervisors' board room on the second floor of the courthouse.
The assessed values help determine the amount of taxes generated for the city, county and school districts which will be due Jan. 1, 2014.
Assessed value is a percentage of true value, such as 10 percent for owner-occupied houses and 15 percent for businesses.
As assessed property values rise, more tax dollars will be generated for the city, county and school districts.
County Administrator Benjie Coats was pleased with the increase in assessed value.
"It is a sign of some improvements in the economy in residential construction and also some improvement in new automobile sales," Coats said.
The assessed value of the city rose by $1.8 million or about 2.8 percent.
The city's assessed value was at $66,146,203 as of Jan. 1, 2013.
Mayor James Young called it a "good sign" for the economy.
"People are feeling better about their situations and we hope that continues," Young said. "We want to do everything we can to make sure it keeps moving that way."
Young said the Board of Aldermen would soon be working on a new budget for fiscal 2014.
"We will have to do some amendments on the budget we have now to bring it in line to the true numbers," he said. "Then we will start with the last year's budget and work from there. "
Most city department have stayed within their budgets for fiscal 2013, the mayor said.
Countywide, the assessed value of automobiles rose by $828,500. Mobile homes values increased by $148,450. Personnel property increased by $1,032,987, while real property was up $2,315,756. Public utilities were expected to remain the same as the previous year, $3,219,437.
The Neshoba County Public School District saw its assessed value rise from $99,211,672 to to $100,723,966.
The Union Public School District's value rose from $7,202,148 to $7,800,390.
The Philadelphia Public School District's value rose by $1.1 million, from $55,629,701 to $56,734,872.
Both the city and county will officially adopt their fiscal 2013 budget and set their individual tax levies by September.