PASCAGOULA — Jackson County is taking an unexpected hit in revenue with a recent drop in the assessed value of a major pipeline and a loss in tax revenue from federally subsidized housing.
The Sun Herald reports a state tax appeals board ruled in favor of the owners of the Destin Pipeline, and lowered its assessed value by about $1.5 million in December.
The county financial department says that translates to a loss of $105,000 in county tax dollars and about $50,000 each for the Moss Point and Jackson County school districts.
The Section 42, federally subsidized housing, issue also is expected to cost the county around $174,000 this year and may require the county, cities and schools to return $1.5 million in taxes.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info