By Russell Hood
The Webster Progress-Times
A public hearing on Webster County’s proposed budget for the next fiscal year will be later this week.
The Board of Supervisors will hold the budget hearing at 9 a.m. Friday in the boardroom of the Doss Building at 2980 E. Roane Ave. The hearing notice states that a proposed ad valorem tax revenue increase will be considered in the budget.
The county is now operating with projected total budget revenue of $7.91 million, of which 76.9 percent is obtained through property tax revenue. For the next fiscal year, the budget has total projected revenue of $8.1 million. Of that amount, 77.45 percent, or $6.26 million, is proposed to be financed through a total ad valorem tax levy.
For the next fiscal year, the county plans to increase the ad valorem millage rate by 1.7 mills from 112.08 to 113.78, according to the public hearing notice. This will affect taxes on homes, automobile tags, business fixtures, utilities, business fixtures and equipment, and rental real property.
Chancery Clerk Russ Turner said a mill will be worth approximately $200 more in the 2016 fiscal year, which begins Oct. 1.
If the millage increase is implemented, the owner of a $100,000 house would see an increase of about $17 in property taxes (less $300 total for those eligible for homestead exemption.)
Property taxes are determined by such factors as the assessed value of the property, whether or not the property is the owner’s primary residence, if there are any exemptions on the property (homestead exemption being the most typical) and the county’s ad valorem tax rate. Businesses and rental properties are also taxed at a higher percentage than primary residences — 15 percent compared to 10 percent.
The assessed value of a property is determined using a combination of state-mandated formulas and door-to-door appraisal. Webster County is on a four-year reappraisal cycle. The county is divided into four quadrants, one of which is reassessed each year until all have been reassessed, then the process begins again.