Thursday, September 18, 2014
County OKs budget
By SUE WATSON
The Marshall County Board of Supervisors adopted its new budget and set the tax levy. The overall projected revenue for fiscal year 2015 is $21,916,227, $40,000 less than the current operating budget.
The budget was set within the current overall tax levy, with no increase in millage for the general fund. A two-mill increase was levied to meet the request of the Marshall County School District.
Sixty-six percent of the county budget comes from ad valorem taxes and 24 percent from fees and other sources.
Marshall County will derive $14,495,855 from ad valorem taxes in FY 2014-2015.
The millage rate was set at 119.86, up two mills from the current levy of 117.86 mills to raise funds requested by the county school board.
The upshot of the increase means that citizens will pay slightly more in ad valorem taxes in the new fiscal year on their homes, vehicle tags, utilities, business fixtures and equipment and on rental real property.
The board of supervisors voted to set the tax levy following a public hearing on the budget Thursday, Sept. 11.
The current year’s general county mill was worth $178,302. The new county mill will be worth $181,082. The total general county millage comes to 49.49 mills.
The current road and bridge mill is worth $163,721. The proposed mill for road and bridge next year is $165,870. Citizens will be assessed 25.71 mills for road and bridge maintenance.
The county school district’s requested increase for the new budget is $184,172, an increase of two mills for a total levy of 37.76.
The beginning cash on hand for the next year is about $3 million in all funds, according to chancery clerk Chuck Thomas.
Thomas said a good portion of this $3 million is already budgeted and spoken for.
“There won’t be any loose change until tax time,” he said.
Tax collector Betty Byrd explained that the assessed value of an owner-occupied property is 10 percent of its true value.
A house and lot valued at $100,000 that is located outside the municipalities and within the county school district would be assessed at $10,000. The ad valorem tax with the Homestead Exemption credit on that house will be $898.60 in 2015. The tax bill for the same house that is located in the county but situated in the separate school district (Holly Springs School District) will cost $1,237.20 in taxes in 2015. The difference in the taxes for these two properties would be primarily due to the millage for the new intermediate school bond.
The tax bill for the same $100,000 house sitting within the city limits of Holly Springs would cost $1,620.40 in taxes in 2015.
“It’s the same thing with the car tags,” Byrd said.
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