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Anderson County budget committee approves adding indexing option to reappraisal plan
Summary
The committee voted to amend the county's reappraisal plan to include a year-2 indexing option within a 4-year cycle, a change presenters said would reduce the need for equalization ratios that have cost the county an estimated $2.0'$2.1 million over recent years.
Anderson County's budget committee voted to seek an amendment to its recently submitted reappraisal plan to add an indexing option in year two of a four-year cycle, a procedural change proponents said would help stabilize property-tax revenue and reduce the disruptive equalization adjustments that have cut assessments in recent years.
Experts and county staff told the committee that indexing applies a market-derived multiplier to sales within discrete market areas to bring assessed values closer to current market levels without a full countywide reappraisal. "There were an additional $2,000,000 that you did not receive in property tax due to the equalization ratio," the presenter said, summarizing a five-year analysis of the county's revenue stream. The committee approved a motion to pursue the…
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