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Staff explains 'rollback rate' and homestead exemptions ahead of hearings
Summary
Finance staff explained that the state‑calculated rollback rate (13.99 mills) is designed to produce the same revenue as last year after reassessment; staff also noted many property owners with the 'Scarlet Williams Homestead Exemption' may not see the advertised percentage increase.
During the July 29 meeting, Miss Cody described the state rollback rate and why it matters for advertising and taxpayer notices. She said the rollback rate is established by state law "to offset increases in assessed value resulting from reassessment of existing property," and that adopting it would generate the same revenue as last year while maintaining the current 14.90 mills would require the county to advertise a 6.44% increase over the rollback rate.
Miss Cody also cautioned that the advertised percentage increase does not translate evenly to every property owner because exemptions apply. She noted that many owners with the "Scarlet Williams Homestead Exemption" would likely see no change, while non‑homestead properties (commercial, rental, vacant lots) that had value increases from reassessment could see higher tax bills.
The board discussed the distinction between the legally required advertisement language and the real‑world effect of reassessments and exemptions; staff did not have a precise count of properties that experienced upward reassessments.
