Stone County Assessor To Send Valuation Notices
April 22, 2020
Matt Daugherty, Assessor of Stone County, reports that he is nearing completion of the reassessment of real estate for the 2019-2020 assessment years. State law requires the assessor to reassess, or reappraise, all real property in the county every odd-numbered year for property tax purposes. The state constitution requires that the values on property reflect fair market value.
The assessor and staff recently reviewed property throughout the county to verify the information in the assessment records, added any new constitution and applied obsolescence. Then, local market conditions were determined by studying recent sales and new construction cost information, and new values were established. The amount of change in assessment, if any, will vary depending upon age, condition, size, style, and location of the property.
The impact on taxes of a change in valuation cannot be calculated until September when the levies are set by the taxing entities. An increase in value does not necessarily result in an equivalent percentage increase in taxes. The statues require the assessor to place accurate values on the tax rolls for 2020. The assessor's duty is not to raise or lower taxes. The schools and other political subdivisions set the tax levies, which, in turn, determine the amount of the tax.
The assessor will begin sending impact notices on April 30,2020. An “impact notice” notifies property owners whose property had increased in value for the new value established for property tax purposes. If the value on a property remains the same or decreases, there is no requirement the assessor notify the owner.
A property owner who believes the assessor's value does not reflect market value may set up an appointment to discuss the assessment with the assessor. However, the owner should be prepared to present substantial information which indicated a value lower than the assessors.
“While the reassessment process may create same apprehension for property owners, the law requires that assessments must be both accurate and current so that funding to local schools is not jeopardized” Daugherty said.
The assessor and staff recently reviewed property throughout the county to verify the information in the assessment records, added any new constitution and applied obsolescence. Then, local market conditions were determined by studying recent sales and new construction cost information, and new values were established. The amount of change in assessment, if any, will vary depending upon age, condition, size, style, and location of the property.
The impact on taxes of a change in valuation cannot be calculated until September when the levies are set by the taxing entities. An increase in value does not necessarily result in an equivalent percentage increase in taxes. The statues require the assessor to place accurate values on the tax rolls for 2020. The assessor's duty is not to raise or lower taxes. The schools and other political subdivisions set the tax levies, which, in turn, determine the amount of the tax.
The assessor will begin sending impact notices on April 30,2020. An “impact notice” notifies property owners whose property had increased in value for the new value established for property tax purposes. If the value on a property remains the same or decreases, there is no requirement the assessor notify the owner.
A property owner who believes the assessor's value does not reflect market value may set up an appointment to discuss the assessment with the assessor. However, the owner should be prepared to present substantial information which indicated a value lower than the assessors.
“While the reassessment process may create same apprehension for property owners, the law requires that assessments must be both accurate and current so that funding to local schools is not jeopardized” Daugherty said.