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Pulaski County staff warns of about $107,000 property-tax revenue shortfall after state changes
Summary
Staff told the commission that recent state property-tax changes (referred to in the meeting as 'SEA 1 20 25') and the removal of a 30% personal-property depreciation floor are likely to accelerate tax caps and reduce county property-tax revenue by about $107,000 this year, widening gaps on the 'back end' of levy calculations.
Commission staff reported that changes enacted in this year’s state legislation will likely reduce Pulaski County’s property-tax revenue on the back end of levy calculations by roughly $107,000 compared with prior forecasts.
"The county government is gonna end up short of about a $107,000 in property tax revenue on where it should be on paper," the Chair said, explaining that elimination of the 30% personal-property depreciation floor and other changes mean more properties will hit tax caps and circuit breakers sooner.
Staff framed the change as affecting longer-term benefits of personal-property investment and said the county’s maximum levy remains $4,000,000 for the year (a 4% increase from the previous year), but that the new deductions and exemptions will shift revenue away from the county on individual tax bills. "So the early years property volume is a lot more important," the Chair added.
Commissioners said they will dig further into those changes and circulate explanatory documents before the next meeting so board members can evaluate options and implementation steps.
