Despite the economy and legislative changes, Charlevoix County’s overall value has edged up slightly over the previous year.
Charlevoix County Equalization officials gave their annual report on the matter to the Charlevoix County Board of Commissioners during the board’s regular meeting on Wednesday April 23.
“We’ve completed our audit on the assessment rolls coming in after the March Board of Review—none of the townships require any sort of factor,” said Assistant Charlevoix County Equalization Director Jeff Grimm. “Everything came in with the values the assessor put on the roll.”
He added, “The assessed value was an increase. We came up in assessed value by 0.7 percent. The taxable value was an increase of .65 percent, so we’ll see a little bit of an increase in revenue from that.”
According to Grimm, with last year’s legislation regarding the change in personal property taxes, the county has lost some revenue.
“We saw a reduction in personal … and we did probably lose about a million dollars or so in taxable value,” he said. “But, we’ve made up for it with the increase in new personal property IFTs (Industrial Facilities Exemption) and things like that coming on, such as Precision Edge in Boyne City and various other things.”
Grimm added, “So, overall, even with that reduction, we still saw a bit of an increase.”
Charlevoix County has a real property valuation of $2,230,075,106; the total personal property valuation in the county was assessed at $103,363,535 for a total county equalized value of $2,333,438,641.
An equalization is the ratio of value assessed for all county properties when compared with the current market value of said properties. Charlevoix County’s equalized value rate is 100 percent since the property within the county has been assessed at 100 percent of its market value.
Charlevoix County Equalization Department Director Patrick Suboski expounded further on the reductions in revenue seen by the county over the last year.
“You had two major things that caused the reduction this year,” he said. “The legislature passed this exemption for disabled veterans. And, if the disabled veterans qualified their homestead came totally off the assessment, so that would be a loss in value and taxable value.”
Suboski added, “And, the other thing is Jeff had indicated, the personal property—there was a reduction in personal proper, commercial personal and industrial personal, if … the total personal property on a given property was under $80,000 true cash value and they filed the necessary paperwork that became exempt.”
He added, “In August of this year there’s going to be an election and the people of the State of Michigan are going to be asked to fund this as well as other changes on personal property. And, if it passes then there will be changes. If it fails, then this $80,000 in personal property is going to go back on the roll for 2015.”
Charlevoix County Commissioner Rich Gillespie (R-District 5) asked what kind of impact the disabled veterans exemption has had on the county. Grimm responded that it has been minimal as most of the properties in question are of low value.
See the full 2014 equalization report at http://tinyurl.com/m6pbfpq