Value of county property rises slightly from 2003

By By Steve Gillespie / staff writer
July 17, 1004
Lauderdale County's real and personal property values continue to climb slightly, according to Lauderdale County Tax Assessor Jimmy Slay, who presented the 2004 land rolls to supervisors on Thursday.
Real property is assessed at a percentage of the property's true value, commonly referred to as the market value of the property. Homes are assessed at 10 percent. Businesses are assessed at 15 percent.
The preliminary total true value of real property in Lauderdale County, which is land and anything permanently affixed to it, is $2.3 billion. The assessed value of that property is $274 million.
The figures are preliminary because they have not been approved by the Lauderdale County Board of Supervisors.
The land rolls are available in the office of Lauderdale County Chancery Clerk Ann Wilson Hayes, in the Lauderdale County Courthouse.
Anyone wanting to view their property values can examine the land rolls by looking up their name in a large book called an Alpha Index. Using the property's parcel number listed in the Alpha Index, the value can be found in one of the land roll books.
Property owners have only about two weeks to appeal the amount of their property values with the supervisors. Any objections to the land rolls must be made in writing and be filed in Hayes' office by 5 p.m. on Monday, Aug. 2.
Slay said the county's property values reflect a slight increase, between 2 and 3 percent, from last year.
The assessed value of property determines the amount of taxes billed by the county. The county millage rates are the amount of taxes paid per dollar on the assessed value of property. One mill is one-tenth of 1 cent; for each mill, a taxpayer pays $1 for every $1,000 of assessed value.
Property assessments:
Here is a look at the 2003 and 2004 property values
as presented by Lauderdale County Tax Assessor
Jimmy Slay:
Real property
Real property is land and the things permanently attached to the land, which can include homes,
improvements, garages and buildings.
Preliminary true value of real property in Lauderdale County for 2004: $2,326,730,948
Preliminary assessed value of real property in
Lauderdale County for 2004: $274,664,634
True value of real property in Lauderdale County for 2003: $2,266,952,214
Assessed value of real property in Lauderdale County for 2003: $267,395,400
Personal property
Personal Property is the tangible and intangible
property used, or held for use, in a business.
Preliminary true value of personal property in
Lauderdale County for 2004: $740,918,258
Preliminary assessed value of personal property in Lauderdale County for 2004: $153,467,249
True value of personal property in Lauderdale County for 2003: $724,271,136
Assessed value of personal property in Lauderdale County for 2003: $149,662,076