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County to lower property tax rate
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What a penny generates in property tax in Warren County has gone up so the property tax rate will go down to match.
After the certified tax rate calculations for 2015 by the State Board of Equalization, the board recommended the county’s property tax rate to go down from $1.99 to $1.96. The reduction is not a financial savings for property owns because the reduced amount will generate the same revenue for the county.
However, according to Finance Department director Linda Hillis, if the county leaves its property tax rate at $1.99, it will be considered a property tax increase because a penny in property taxes generates more revenue.
“If we approve anything over $1.9661, it’s considered a tax increase,” said Hillis. “We will have to have public hearings.”
The county’s Budget and Finance Committee approved the certified tax rate unanimously. On the committee are Commissioners Terry Bell, Carl E. Bouldin, Ken Martin, Michael Martin and Diane Starkey.
The calculation form for certified tax rate:
• Total locally assessed real property - $603,694,545
• Total assessed value of tangible personal property - $76,560,365
• Total locally assessed property value - $680,254,910
• New construction and improvements taxable for the first time this year – ($3,154,839)
• New tangible personal property taxable for the first time this year – ($13,810,083)
• Total locally assessed tax base before adjustments by boards of equalization for CTR computation - $663,289,988
• Estimated public utility assessments - $40,243,764
• Total tax base - $703,533,752
• Prior year’s adjusted tax levy - $13,832,413
• Certified tax rate - $1.9661
The reappraisal has already been accepted by Financial Management Committee members and was sent to Budget and Finance Committee for its consideration. Parenthesis indicate a loss.