Everyone:

I know some of you are like me and don't pay much attention to the public notices in the classified section of local newspapers, but you might want to read this one or you may be surprised when you receive your annual tax statement later this year!

Below is the PUBLIC NOTICE which will run in the Madison County Herald announcing that the Madison County real and personal property assessment rolls are ready for inspection and examination; also, the instructions to follow if you have objections.

You can either go to the Chancery/Administrative Building in Canton to inspect the rolls, or you can look up the info, including the true market value on your property, at http://www.madison-co.com/elected_offices/tax_assessor/real_property_search.php

You should compare the true market value information with your last tax statement to see if your values have changed. You won't be notified personally in writing unless there was an increase 25% or greater. So, it might be worth your while to check.

These are the preliminary rolls as delivered to the Board of Supervisors on July 7, 2009.  If you feel that this does not reflect the true market value and if you have supporting documentation, such as an appraisal, comps, plans, etc., call the Tax Assessor's office in Canton (601-859-1921) or Ridgeland (601-856-1796) to make an appointment with an appraiser.

PUBLIC NOTICE
TO THE PUBLIC AND THE TAXPAYERS OF
MADISON COUNTY, MISSISSIPPI

For purposes of assessment for ad valorem taxes, taxable property is divided into five (5) classes and is assessed at a percentage of its true value as follows:
Class 
Tax Rate

Class I  Single-family owner-occupied, residential real property 
TAX RATE =10% 

Class II  All other real property, except real property in Class I or Class IV 
TAX RATE =15% 

Class III  Personal property, except motor vehicles and Class IV property
TAX RATE =15% 

Class IV  Public service property assessed by the state or county except railroad and airline property
TAX RATE =30% 

Class V  Motor vehicles 
TAX RATE =30% 

In arriving at the true value of real property, the appraised value is to be made according to current use of property regardless of location. Laws provide a special mode of valuation and assessment for public service and railroad property not situated wholly in one county. All such property is assessed in proportion to its value according to its class, and no county or tax authority, is denied the right to levy county or other taxes upon such assessment as in other cases of property situated and assessed in the county. For the assessment of motor vehicles, laws provide a special mode of valuation, fixing the taxable year, date of tax lien, and method and date of assessing and collecting taxes.

(A mill is also one-thousandth of a dollar.) To calculate the property tax, the authority will multiply the assessed value of the property by the mill rate and then divide by 1,000. For example, a property with an assessed value of US$ 500,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of US$ 10,000.00 per year.

One "mill" represents one dollar of tax on every thousand dollars of taxable property value.

Actually, the product is the tax on each dollar of taxable value. To determine the tax rate on every $1,000 of taxable value, multiply by 1,000 or just move the decimal point to the right three spaces.

 

Please let everyone know your comments, questions and concerns by posting a note on the Madison County Supervisor BLOG

And, please join the more than 760 Madison County Facebook Group  members and discuss this and other issues of interest to all Madison County residents.

Or you can click here to send me an email.