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Commissioner: personal property values down about 10%; tax-relief programs equivalent to roughly three cents on rate
Summary
The Hon. Lori Stevens, Commissioner of the Revenue, told the board personal property values are down roughly 10% (about 12% for light trucks) and that veteran and elderly tax relief programs amount to a bit over three cents on the real estate tax rate.
Commissioner of the Revenue Lori Stevens provided detailed context on the county’s tax base and specific revenue streams at the March 10 workshop. Stevens said personal property values are down "roughly 10% overall (about 12% for light trucks)," and explained business tangible filings continue to come in with extensions, making some figures preliminary.
Stevens tied sales-tax growth to local economic activity—new construction and a major incoming company—and said veteran and elderly property tax-relief programs together equal "a bit over three cents on the real estate tax rate." She also said that, given where eligible vehicles stand, the personal-property tax relief (PPTR) reimbursement rate will likely need to be around 35% this year. Stevens noted the countywide sales ratio is about 86% and that staff will conduct statistical reassessment work to refine residential values.
