The Jackson County tax digest is expected to drop 5.3 percent or more this fall. With over 700 property tax appeals still pending, preliminary number show the overall net county tax digest will fall from $2.43 billion in 2009 to $2.30 billion this year.
According to county officials, the county will see a $1.4 million loss in tax revenue.
The drop reflects the real estate bust that has deflated property values in the county since 2007. It is the first time in decades that the county has seen a decline in property values from the previous year.
While the overall drop in values will be around five percent, that number isn’t the same for every taxing district. Being hit even harder is the Jackson County School System tax digest, which is expected to drop 6.2 percent or more. That digest excludes the cities of Jefferson and Commerce, which have independent school districts.
For its part, the City of Jefferson will see a smaller drop in values, projected to be 2.3 percent down, half of the overall county drop. That will also be reflected in the city’s school tax digest.
It is the unincorporated areas of Jackson County that saw the largest decline in values. Property outside the county’s nine towns fell 7.5 percent overall, much higher than the overall incorporated decline of 3.2 percent.