Tax payers in Clay County received a little bit of good news, be it in a very roundabout way Monday. Despited a decrease in property values, the county’s ad valorum tax rate is holding steady at 72.818 cents per $100 in value.
While dipping market values are usually a quick recipe for increased tax rates, Clay County’s overall values remained close to what they were last year. Thanks to a decrease in exemptions, the 10 percent homestead cap loss and less abatement, the county will its revenue in fiscal year 2012 by 1.91 percent. That works out to an increase of $171.85 more than the previous year, from $4,623,082.56 in fiscal year 2011 to $4,623,254.41 in 2012.
The county has a total market value of $1.258 billion and a net taxable amount of $656 million. $6.3 million in taxable values are still pending due to protests on assessed values.
The effective rate, require to make enough revenue to fund the county budget, is 72.679 cents per $100. The rollback rate, or the largest rate not subject to a rollback election, was set at 78.894 cents.
During Monday’s commissioners meeting, the county also approved the General Unreserved Fund Balance Policy for fiscal year 2012, which requires the county to have a general fund balance equal to 20 percent of all budgeted funds.
The complete 2012 budget is available for inspection in the county clerk’s office, located inside the courthouse annex at 214 N. Main St.