Good growth in the total taxable valuation will make budgeting easier for the Greene County supervisors as they work with county auditor Jane Heun on the fiscal year 2018 budget.
Pam Olerich, real estate and tax coordinator in the auditor’s office, provided information to the supervisors at their Jan. 3 meeting. Total taxable valuation for the county is $647,356,000, an increase of 4.01 percent over the current year. The taxable valuation is based on property values as of Jan. 1, 2016. A year ago, the increase was just 0.85 percent.
The most significant increase is Wild Rose Casino, which is now on the tax roll as complete. Although the casino was open a year ago, the property value used for the current fiscal year was based on construction completed as of Jan. 1, 2015. The $40 million facility is now complete and included in total taxable valuation.
The taxable valuation of rural properties increased by 3.51 percent to $471,313,500. Last year property values fell in every township except Junction and Paton. This year valuations are up in every township except Paton. Increases ranged from 5.84 percent in Jackson Township to 2.63 percent in Hardin Township. The decrease in Paton Township was 1.14 percent.
The total urban valuation increased 5.35 percent to $176,043,000. Every city saw an increase. Excepting the large increases noted above, increases ranged from 8.7 percent in Dana and 8.41 percent in Scranton to 1.46 percent in Churdan and 1.51 percent in Rippey. Regular valuations grew in Grand Junction by 5.13 percent, in Jefferson by 5.43 percent, and in Paton by 2.1 percent.
Valuation in the Greene County school district increased by 4.82 percent to $332,496,000. The increase in the Paton-Churdan school district was 1.62 percent, up to $114,486,000.
The taxable valuation for property against which Greene County Medical Center can levy taxes increased 4.01 percent to $647,356,500.
Olerich noted an increase of 219 percent in the applicable increment value, “the beloved word called TIF,” as she explained. The TIF value increment needed to support projects classified as TIF has increased up to $17,319,000. “There are many TIF projects in place; not all of them are asking for money, but a majority of them are,” she said.
“The good news is there is development. There are finally valuations that are coming on the books. But that value, that $17 million, is taken away from everybody… It has to be set aside to pay for those development projects,” she said.
All TIF projects are in Jefferson and taxes collected on those projects are apportioned to the city of Jefferson by the county treasurer.
County assessor Linda Spearman explains the increase in total taxable valuation is due only in part to growth in the economy. She noted that the state-mandated rollbacks have changed in all categories of property. The rollback for commercial and industrial property went from 46 to 47.5 percent (taxes are paid on 47.5 percent of the assessed value), so an increase in taxable valuation does not necessarily mean property values increased.
The taxable valuation is the first number in the formula used to figure levy rates required to meet the county’s revenue needs. The supervisors and Heun will have the FY18 budget (July 1, 2017 through June 30, 2018) completed in March.
