Madison County continued its pattern of impressive economic growth in the past year.

The county grew by 2.5 percent overall, adding approximately $340 million in total true value, according to the 2019 preliminary tax roll presented to the Madison County Board of Supervisors earlier this month.

Those numbers put Madison squarely in the top five counties in the state in terms of actual growth, even if that 2.5 percent figure represents slower growth than 2018 when the county enjoyed a 4.4 percent increase in total assessed value. 

Madison County also added 650 new residential structures in 2019 - roughly 50 fewer than the previous year but still among the highest in the state.

"I am very pleased with the stability of Madison County's growth," Tax Assessor Norman Cannady said. "The hard work of our leadership, law enforcement, fire protection, and schools serves to encourage the residential, commercial, and industrial development that allows Madison County to flourish."

From 2018 to 2019, real property value rose 2.2 percent to $1.25 billion and personal property rose 3.1 percent to just under $250 million.

New construction added close to $25 million in assessed value for the county, and Cannady reported that his office has processed more than 3,300 new homestead applications between Jan. 1 and April 1. The total true value for property in the county is now close to $13 billion.

Cannady presented the 2019 preliminary tax roll earlier this month to the Madison County Board of Supervisors, which moved to accept it and set Aug. 5 as the date to hear public protests.
“If you look at the big picture, things are stable,” Cannady said. “There are a lot of counties in this state that would like to see the numbers we have.”

Many factors can impact a county’s rate of economic growth, which makes comparing year-to-year growth an undependable way to measure progress. But by any measure, Madison has maintained some of the most rapid growth in the state.

According to the most recent available data, Madison’s net population growth of 9.51 percent from 2000-2017 ranks third among Mississippi counties — just ahead of Lamar County (9.5 percent) and just behind DeSoto County (10.5 percent).

Madison County Board of Supervisor’s President Trey Baxter said Tuesday the increase in tax revenue and new construction might allow the board to take a look at a tax break for county residents and businesses, but that keeping up with infrastructure needs was still his top priority. 

“I think the most important statistic out of all of that is that Madison is one of the few counties that is attracting people from other states to live,” Baxter said. “In Mississippi, we lose millennials to big cities like Nashville and Austin, but if we can keep our tax base low and meet our infrastructure needs, we can continue to attract new residents and continue to benefit from it.”