County’s assessed value increases 2.7 percent
For 2021 Madison County added 665 new residential homes to the tax roll
Madison County experienced a 2.7% rate of growth last year in overall assessed value of real and personal property putting the total value at $13.5 billion.
The county’s total assessed value is $1,886,848,976, the county’s Tax Assessor told the Board of Supervisors on Tuesday.
Madison County Tax Assessor Norman A. Cannady Jr. told supervisors the total number reflects the rate of growth for the overall assessed value of real and personal property.
Cannady’s remarks came during his presentation of the county’s 2021 real and personal property tax rolls in the supervisor’s meeting that on Tuesday.
“The total true value has increased by approximately $324.4 million and the assessed value has increased by approximately $49 million since the 2020 tax roll,” Cannady said. “That reflects a 2.7% rate of growth for the overall assessed value from 2020 to 2021.”
Madison County’s five-year growth rate is currently 3.13% for the overall assessed value, Cannady said.
“The tax roll currently includes 55,663 real property parcels of which 39,535 are assessed with improvements and 4,514 personal property accounts,” Cannady said. “We processed 3,512 homestead applications between Jan. 1 and April 1 this year. We currently have a total of $28,142 homestead accounts.”
Madison County residential property has an overall true value of $10,760,735,372 and an assessed value of $1,288,477,730, Cannady Jr. said.
“This represents around a $273.5 million increase in true value or a $28.4 million increase in assessed value from the board-approved 2020 roll,” he said.
Some changes that fueled the growth, Cannady told supervisors, are an increase in platted subdivisions and new construction.
“For 2021 we added 665 new residential homes to the tax roll,” Cannady said.
Personal property has a true value of $1,618,048,418 and an assessed value of $242,710,550, which represents a decrease of approximately $35.2 million true value or $4.9 million of assessed value from the 2020 tax rolls, Cannady said.
“In recent years, class III personal property (except for automobiles) has consistently seen an increase in assessed value from year to year,” Cannady said. “This year this category was more vulnerable due to the pandemic and the economic factors contributed to this decrease.”
The assessed value of public utilities, which are assessed by the Mississippi Department of Revenue, this year is $53,043,286, which is a $2.5 million increase over the 2020 assessed value, Cannady said.
Motor vehicles and mobile homes are $302,617,410, which is a $23 million increase over the assessed valuation from last year, he said.
“I would like to thank my staff for all of their hard work,” Cannady said. “As you know this has been an interesting year or year and a half and we’ve had to adapt a lot. They have worked extremely hard. I am proud of them and I really appreciate all of their efforts.”
Following his presentation of the real and personal property tax rolls, Cannady asked supervisors to consider building a new facility to house what he said are the growing staffs of the Madison County Tax Assessor’s and Tax Collector’s offices which share a facility.
Supervisors took his request under advisement.