Property values in Leflore County rose by about $1 million from 2010 to 2011, Tax Assessor Leroy Ware reported to the Board of Supervisors Tuesday.
That’s about a 0.5 percent increase.
Growth came from agricultural land, which saw its value swell by about 10 percent, and equipment from two industries — Hickok Inc. and Viking Range Corp. — that had 10-year tax exemptions to expire, Ware said.
He said home prices are stable. Leflore County’s not been affected by the bubble that has burst elsewhere and collapsed home values, he said. Generally, the assessed value of homes remains less than the market value, according to Ware.
Automobile values are continuing to decrease, falling by more than $300,000, Ware said.
The board voted to accept the property rolls and to begin equalization.
The 2011 total value of property in Leflore County is $233.7 million. It was $232.6 million.
The larger overall property values will create roughly $90,000 in additional tax revenue, according to County Administrator Sam Abraham.
So how does the tax assessor come up with the values?
For agricultural land, it’s based on the soil type and determined by Mississippi State University, Ware said. It can’t change the amounts more than 10 percent per year.
For real property — homes and buildings — the tax assessor reviews building permits for new construction and checks for structures torn down or damaged by fire. Ware’s office also evaluates one-third of the county each year and looks at sale prices.
For personal property, such as equipment owned by businesses, the tax assessor checks for new businesses and sends forms to existing companies to report changes in what they own. It also depreciates equipment based on a set schedule.
Also Monday, County Engineer Robert Willis reported that work was to begin today on a short section of road in the Rising Sun subdivision. The county is trying to improve drainage on the streets, which Board President Wayne Self has called the worst in the county.
Willis said the section will be done in about three weeks. At that time, he said, supervisors can evaluate if they like the result and the cost of doing the entire neighborhood.
Self said he would get with a neighborhood association to check the work.
“I don’t know how they couldn’t like it,” Willis said. “It’s going to be a brand new street, basically.”
• Contact Charlie Smith at csmith@gwcommonwealth.com.
