Several of our local governing units and public officials have proudly claimed recently that property tax rates in Hamilton County will not increase this year. That’s fine; we all appreciate that. It’s largely due to the county’s continued rapid expansion of the property tax base.
However, most folks will find their tax bills, which will be arriving soon, are higher – some quite a bit higher – and luckily for some, not a whole lot.
Many property owners will not notice the increase because they have their taxes escrowed. But they will increase.
It’s because of higher assessments placed on land or homes through annual trending of property values. Of course, this comes about because the county is a “hot” market with sales of most property rising rapidly. Assessments are based on what the market is doing in your area.
Not so widely made known to the public is the effect of those assessment increases and the value of major new construction, which cumulatively make up the tax base.
Hamilton County is in a unique position compared to some of our neighboring counties in that our tax base has expanded tremendously in recent years, and local government bodies benefit greatly from it. Our larger communities, school districts and the county government itself collect millions of dollars more each year on tax rates that remain static.
The fact is that local governmental units in a growing area could afford to actually reduce tax rates enough to offset the effects of higher individual assessments and still collect more tax revenue because of all the new building added to the tax rolls each year.
That’s if budget-making officials wished to do so.
This situation has been pointed out previously in this County Line column.
So, don’t be fooled this April 1, or soon after when tax bills arrive.
When you are told tax rates are remaining unchanged, it can still mean higher property taxes for most of us.
Columnist Fred Swift has worked in newspapers for decades. He has been sharing his opinions in the pages of The Reporter since it began. Email him at swiftfred19@gmail.com.