The Madison County government, school system and industrial authority will see a slight drop in property tax revenues for next year’s budget, due to a one percent decrease in the county’s tax digest (overall property value).
Commissioners approved the county government’s tax rates for 2011 Aug. 29. Those taxes will fund the 2012 budget. Overall property tax revenues for the county government dropped from $7.61 million to $7.54 million ($74,848). That’s a .98 percent dip from 2010.
The school board approved its tax rate for 2011 Aug. 30, leaving the mill rate at 16.99. The schools expect to generate $11,365,054 in 2011, compared to $11,477,913 in 2010 —a decrease of $112,859 for its general maintenance and operations. The board also dropped its millage rate for bond debt payments this year, knocking several hundred thousand off total property tax revenues for the school system.
Meanwhile, the county industrial authority approved its tax rate Sept. 2. The IDA expects to bring in $637,609 in 2011, just a $91 drop from last year.