Putnam Property Tax Rate Expected From State Friday Or Tuesday

The period for property value appeals has ended in Putnam County.

Property Assessor Steve Pierce said it was amazing that the board of equalization only heard appeals for a few hours. Pierce said the county board of equalization mostly heard from commercial properties.

He said now appraisal data will be compiled and sent to the state so the county can get its certified tax rate.

“I think within 24 to 48 hours, of course we’re already in Thursday afternoon, so it could be possible of Tuesday morning.” Pierce said. “But I anticipate by Friday or Tuesday morning having a certified rate for the cities and the county.”

Pierce said the board did not change many appraisal values for the commercial properties that made appeals. He said there were some changes made by using the income approach. He said that essentially the commercial value boils down to the revenue the property produces.

“With commercial property you have income expense and that’s typically if you hired a fee appraiser to do a commercial appraisal,” Pierce said. “The numbers you’re going to use is the income approach. So once they provide that data of income and expenses then we can do an income approach ourselves. Usually we don’t get to that point until someone is appealing. Most of the values if they were lowered for commercial it was to get to an income approach value. It’s probably more what a commercial property is worth is what revenue it produces.”

Pierce said the period of appeals was for tax payers to present evidence of why their property value should be different than the appraisal. Pierce said that any property owner who presented is sent a notice that action was or was not taken.