Franklin County has a drop in its total assessed valuation of property for tax purposes this year, and while noteworthy, it’s not that great when considering the overall total. The total valuation has dropped by $71 million. The 2013 total still is more than $1.8 billion.
The figures are subject to change after board of equalization hearings, but historically those changes have been minor.
To some people that decrease is not that significant. It does mean slightly less money for the taxing entities in the county from property taxes. Franklin County over the years has had a steady increase in its total assessed valuation.
The drop is due mainly to a decrease in real estate values. We all know the housing market still is in a state of recovery. The drop in real estate values was from $986.8 million in 2012 to $899 this year, about an $87 million decrease. Real property overall has experienced a slight decrease. The county’s total real estate valuation, when all other categories are included, dropped by more than $82 million. Personal property values for tax purposes did increase by $10 million. In the mix also is railroad/utility valuations, which showed an overall slight increase.
Since taxing entities will receive slightly less from property taxes this year, some belt-tightening will be required. In some instances, revenue from other sources will lessen the blow.