Since the attendance at those meeting was light, I’m going to cover some of the information here because I think this is important.
If you weren’t able to attend, I encourage you to take a look at the video version on the county website at www.milamcounty.net.
Market agricultural land value is a little over a billion dollars, but after what we call “ag exemptions” are taken off only $63 million of the value is taxable which is only 3% of the total appraised value ($2.24 billion) of property in Milam County.
But surely our land values are going up. Yes, the appraised value did go up $45 million this year but ag exemptions went up $46 million too, so the taxable value overall stayed about the same.
Homesites, both in town and in the country, make up 23% ($515 million) of the total appraised value, $50 million of it is land, either lots or rural homesites which went up $1.2 million.
The rest ($465 million) is our homes themselves which went down $12 million this past year.
We made a big deal about the Luminant valuation decreasing by $80 million but at the same time ag land and homesites in Milam County overall decreased in value by some $10 or $12 million on our tax rolls.
Non-homesites ($437 million) represent the commercial/industrial real estate in the county and is 20% of appraised property.
Personal property, is $1.135 billion or 50% of the total and is the non-real estate portion of the commercial/industrial property such as industrial equipment, business inventory and fixtures.
Luminant power plants were reclassified to personal property from non-homesite.
These two categories combined dropped $145 million in value but when combined with an adjustment in the environmental exemption, the $80 million net impact of the Luminant value reduction can be derived.
Combining the non-homesite and personal property categories represent all non ag land, homes, and minerals, but primarily are made up of the industrial/commercial properties in the tax base and make up 70% of the total.
Minerals represent only 4% ($89 million) of the total appraised value, which is surprisingly low.
Perhaps in the future oil and gas will play a larger role, (it did rise $5 million in 2013), but minerals impact has been relatively small in Milam County so far.
Appraised value, however, is not taxable value. There are $550 million in tax exemptions in, the biggest environmental exemptions primarily at the Luminant power plant. When these are subtracted, the net taxable value is $1.69 billion.
There is also a freeze on tax on the homestead property of those over 65 and certain veterans. There are $150 million in properties on which the property taxes are frozen, and the amount of taxes on those properties is frozen at $802,535, which is some $145,500 less than if these properties were fully taxable. So the remaining “ freeze adjusted” tax base that is fully taxable is $1.54 billion (compared to $1.62 billion last year).
Applying the 63 cents to this $1.54 billion and adding in the $802,535 tax on the frozen properties will generate $10.5 million in ad valorem taxes for use by the county in paying the bills in 2014, ($1.54 billion x $.63 + $802.535 = $10.5 million).
This is about the same amount of tax generated by the 60 cent tax rate in 2012/13. email@example.com