County tax rate could climb 50% by 2012
If a set of financial projections compiled by Jackson County leaders proves correct, the county millage rate could jump by 50 percent between now and 2012. Factoring in rising home values, the combination of a higher millage rate and higher property value could double the amount of property taxes a homeowner could pay.
That picture was one of several presented Monday to members of the Jackson County Board of Commissioners by finance director John Hulsey. Several BOC members had requested the projected numbers to see what the financial impact of the new jail, the Bear Creek debt payments and the proposal for a new BJC hospital (see story below)would mean.
None of the projections include any school taxes, fire taxes or municipal taxes.
BEAR CREEK DEBT
The projections make several assumptions about the rate of growth in the county and in regular expenses, Hulsey said. On top of that, the Bear Creek debt payments were added in to the budget for the projections. The Jackson County Water and Sewerage Authority had been making those payments, but the current slowdown in new tap fees has strained the authority’s budget and county leaders are anticipating picking up those payments in the coming months. Next year, the Bear Creek payment will be $1.6 million.
JAIL EXPENSES
The largest single financial impact on the county in the coming years appears to be the new jail. That impact is both in debt service to pay for the facility and in the need to hire as many as 35 new employees to staff the jail.
The new jail could add as much as $4.5 million in yearly expenses, according to the projection.
BJC IMPACT
County officials also wanted to see what the financial impact would be of financing $26 million for a new BJC hospital. If approved, that move would add $1.17 million in payments to the 2010 county tax levy and would grow to a payment of $1.58 million in 2012.
Based on the projections, the BJC debt would add .55 mills in additional taxes in 2010 and .67 mills in 2012.
For more on this story, see this week's edition of The Jackson Herald.
Posted July 11, 2007 a.m.
