Protest tax assessment got rejected, and tax rolls were finally established.
Following a brief public hearing where one protest tax assessment was denied, Lee County’s tax rolls have been finalized.
The Red Roof Inn in Tupelo lodged one protest tax assessment, according to Lee County Tax Assessor Mark “Winky” Weathers, who presented a report to the board of supervisors concerning the county’s assessment for the year that leads to a denied protest tax assessment through a public hearing.
In place of the 9.25% mandated by the state, the hotel, according to Weathers, charged 7%. The board unanimously decided to disregard the protest tax assessment at his recommendation.
Over the preceding year, Lee County’s assessed values earned a protest tax assessment
increased by more than $42 million, with most towns and school districts experiencing modest to large gains in value.
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Real and personal property are the two main categories for assessments that garnered a protest tax assessment.
Land and any valuable investment affixed to it are both considered real property. Real property includes things like crops, timber, and buildings.
Any property that isn’t connected to real estate is referred to as personal property, which can include merchandise, automobiles, and even intangible assets like intellectual property, bank accounts, and franchise rights.
There were only two organizations that saw decreases that resulted to protest tax assessment: Baldwyn and the Nettleton School District.
Baldwyn’s total assessed values fell by $868,678, while Nettleton School District’s valuation decreased by $1,06 million.
The decline in Baldwyn, according to Weathers, was brought on by the Pennsylvania-based mattress and furniture retailer FXI liquidating its local inventory causing the protest tax assessment.
Homestretch Furniture, situated in Nettleton, dramatically reduced its inventory, according to County Administrator Bill Benson, which resulted in a major drop in revenue for the Nettleton School District that resulted in a protest tax assessment.
After the public hearing, the county can proceed with planning for the upcoming fiscal year, which starts on October 1. This includes establishing tax levy levels and preparing the budget for 2023–24.