By JULIA MILLER
Economic growth is the goal of any elected official. Madison County officials have seen the success of their business-oriented policies by an explosion of both assessed and true value, according to Madison County Tax Assessor Norman Cannady.
In 2008, Madison County had a true value of just over $9 billion. Preliminary numbers for 2017 suggest a true value of $12 billion. With a $3 billion increase in 10 years, Cannady pointed to the growth along Highland Colony Parkway in Ridgeland and within the City of Madison. He also cited an addition of 685 homes to the tax rolls in 2016 as well as 734 in 2017.
“I think it’s obvious that you must have high quality, well administered public services to attract and maintain the kind of growth Madison County is experiencing,” he said. “Along with growth comes the need for high quality public services, good infrastructure, and quality schools. I truly believe that the County has developed these important features and know we have the right leadership to continue down the right path to sustain growth and have an excellent business climate.”
Although true value affects assessed value, it is the latter value that benefits the county in terms of ad valorem taxes. The Tax Assessor’s office calculates the assessed value based upon the property’s type and use. There are five classes set by the Department of Revenue are as follows:
- Class I — single-family, owner-occupied, residential real property is assessed at 10 percent.
- Class II — Real property that does not fall under Class I or IV is assessed at 15 percent.
- Class III — Personal property that does not fall under Class IV or V is assessed at 15 percent
- Class IV — Public service property assessed by the state or county except airline and railroad is assessed at 30 percent.
- Class V — Motor vehicles are assessed at 30 percent.
For Madison County, the assessed value has increased from $1.31 billion to $1.67 billion, an increase of about $360 million, from 2008 to 2017.
Once the Tax Assessor calculates the assessed value, it is multiplied by the millage rate (set by the Board of Supervisors) to determine the ad valorem revenue. In Madison County, this source of revenue is expected to make up approximately 54 percent of the proposed budget for FY2018.
“An increase in assessed value results in an increase in tax revenue generated by ad valorem taxes when the millage rate stays the same as the previous year,” Cannady said, which ultimately means the county is able to raise more money without raising taxes.
Cannady said he believes this growth comes from an atmosphere created and promoted by the elected officials.
“County and City leaders have been pro-business and responsive to what the business
community wants,” he said. “Madison County is a safe place to live, and that’s what families and
businesses are looking for.”
He also credits the strong law enforcement presence, great fire protection, and excellent school systems.
“The growth is well planned and controlled with good zoning which attracts the types of amenities desired by the residents of Madison County,” he said. “Overall, we have a good mix of residential and commercial growth, which makes Madison County a very desirable place to live and work.”