A “double-whammy” of countywide revaluation and new state laws could lead to lower property values and increased taxes in 2012, according to the county’s chief tax appraiser Dan Rollf.
“Property values across the board will go down,” he said.
Rollf is estimating property values will decrease in Bryan County by 10 to 15 percent.
“It doesn’t sound big, but it’s pretty big,” he said.
The average home sale price is slipping below appraised values here, which prompted the revaluation, Rollf said. Revaluation notices are expected to be mailed to homeowners between April 1 and May 15.
Of Bryan County’s $17.62 million budget, Rollf said $9 million is raised from property taxes revenues. If the property values decrease by 10 percent, the county stands to lose $900,000 in revenues from property taxes. That’s nearly equivalent to one mil, Rollf said.
“So, (commissioners) need that money to operate. (The) county’s got to have that $9 million,” he said of property tax revenues.
Rollf forewarned that the millage rate, currently set at 7.9 mills, might increase to make up for the amount property tax revenues lost from diminished property values.
For more, pick up a copy of the Feb. 23 edition of the News.