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August 11, 2011

Increase in Property Values Could Mean $20,000 Revenue Increase for County

While the proposed tax rates for Scotland County are unchanged, an increase in the assessed valuation of real estate and personal property could result in an increase of nearly $20,000 in tax revenue for county government.

The County Commission will hold a public hearing on the proposed rate of taxes for County purposes on August 17, 2011, at 10:00 a.m. in the courthouse.

The proposed property tax rate for 2011 will remain at 1/2 cent per $100 assessed valuation for the general fund. The proposed tax rate for the road and bridge fund will remain at 0.66 of a cent per $100 assessed valuation. That includes 0.35 cents for the road and bridge fund and 0.31 cents for the special road and bridge fund.

In 2011, the assessed valuation of real estate increased from $40,515,456 to $41,362,624 while personal property values jumped from $18,761,576 to $19,625,980. Combined, the assessed valuation increase roughly 2.8% for Scotland County in 2011.

The $1.8 million increase in assessed valuation is projected to generate roughly $8,500 more for the general fund, with a total of nearly $305,000 in tax revenue projected. It will also result in more than $11,000 in added revenue for the road and bridge fund which is projecting more than $402,000 in revenue.

The road rock tax will remain unchanged at $0.75 per acre designated as agricultural.

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Memphis Democrat
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