Putnam County’s certified tax rate will likely fall some 55 cents due to property value increases.
County Mayor Randy Porter shared preliminary projections with County Commission’s Budget Sub-Committee meeting Thursday night. The current property tax rate stands at 2.926. Porter projected the number at 2.37.
That would still increase revenues by almost 1.1 million dollars.
Porter said the change comes from the fact that because it is a reappraisal year, the value of Putnam County homes has increased.
“The market in Putnam County is unbelievable right now for homes, so everything has went up,” Porter said. “So what they have to do now is figure out what is an appropriate tax rate that equals out to about what that same rate was before.”
Porter repeated multiple times these are just projections and the numbers will not be official until tax reappraisal process is complete.
“I just wanted to give you those numbers to think about that as you look through the budget, just wanted to give you things to think about,” Porter said. “Just remember the numbers that we’re looking at are only estimates only and will change.”
Porter said the appraisal process including the Board of Appeals should end by early next month.
Under Porter’s projections, the 1,093,159 increase would put almost $361k additional into the general fund, some $362,000 into the school budget. Porter said after starting the year in a difficult place with pandemic and the March tornado, the County is in a good place.
“So when you start looking we had a very good year, and would’ve been a great year had it not been for the courthouse being shut down and the tax rates being cut,” Porter said. “To be as tough a year as it was, I think we did extremely well, to be able to build the fund balance up as much as we did.”
Chairman Ben Rodgers said next Thursday’s meeting will focus on capital projects. The county faces two major project decisions: the jail/justice center expansion and the building of the new K-8 school.