County’s explosive growth continues

County’s explosive growth continues


Madison County experienced a 5.7% rate of growth last year in overall assessed value of real and personal property putting the total value at $14.5 billion. 

The county’s total assessed value grew $100 million from last year up to $1,994,580,087, Tax Assessor Norman A. Cannady Jr. told the Board of Supervisors on Monday. 

Cannady’s remarks came during his presentation of the county’s preliminary 2022 real and personal property tax rolls.

Last year, the county’s rate of growth was 2.7%. The five-year growth rate is now 3.43%, according to Cannady. 

“Once again this is an impressive growth rate,” Cannady told supervisors, noting Madison County was one of the top six highest valued counties in the state. 

The Class 1 and Class 2 real property rose 7.6% or $97.5 million to nearly $1.4 billion. 

Class 3 property increased $29 million to over $271 million. Class 4 public utilities, which are set by the state Department of Revenue, listed ad nearly $57 million. 

Class 5 automobiles and mobile homes totaled nearly $280 million, which is a decrease of approximately $23 million in assessed valuation from the past year. 

Cannady said his office processed 3,591 homestead applications from January to April and his office oversees 28,752 homestead accounts. 

Board of Supervisors President Paul Griffin was encouraged by the growth and touted the county’s success. 

“Madison County is doing well, doing well,” he said. “We’re still getting growth. 5.7% growth is off the chains.”

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