Higher appraisals could make Lowndes tax bills 18% higher
Property owners in Lowndes County could be hit with an unexpected increase in their tax bills of 18% if county and city officials do not reduce tax rates this fall. This is due to higher appraisals set by the Mississippi Department of Revenue.
Impact of Higher Appraisals
Lowndes County Tax Assessor Greg Andrews has recently estimated that if tax rates remain the same, homeowners will pay around 18% more in property taxes in 2024. The reason for this potential tax hike is the new values set by the Mississippi Department of Revenue for appraisals. While new and higher property values are generally good news for homeowners in terms of increasing equity, this could equally translate into higher property tax payments if the tax rates are not adjusted at the county level.
This would generate almost $3 million in extra tax revenue for the county and Columbus combined. While this may sound positive for these public bodies, it represents a potential burden for homeowners who will have to foot this additional bill.
Officials’ Response
County and city officials are currently considering their options about how to approach this potential property tax increase. One possibility is to reduce the tax rates to compensate for the higher appraisals and thus avoid an increase in property tax payments.
The other option would be to allow the tax increase to go ahead as planned, but this could potentially be met with resistance from homeowners. It could also put a strain on renters if landlords decide to pass on this extra cost in the form of rent increases. However, the additional tax revenue could be used to fund public services and infrastructure developments in the area.
Futures Steps
The implications of this potential tax increase are significant. It is crucial that county and city officials take into account the needs of the local community, potential economic impact, and the benefits that this additional revenue could bring.
It remains to be seen what decision will be made. But what is evident is that property owners in Lowndes County should keep an eye on local legislation and potential tax changes in the coming months.
