Just a few years ago, any public official with responsibility for crafting a budget would wail with despair at a tax digest that failed to grow. But following years of shrinking tax digests, most public officials would gladly accept an unchanged tax digest.
That’s why there was joy at City Hall in Commerce this year. Commerce’s tax digest actually grew by four-tenths of a percent while most other area digests slipped once again. As a result, the city plans to keep the 2013 property tax rate at 4.02 mills — same as 2012.
The tax digest is the statistical summary of the assessed value of property. It is the document that tells taxing authorities how much each mill of taxes will bring in — the holy grail of city, county and school system taxation. A mill of taxes is equal to a dollar on every $1,000 of assessed value. On property valued at $100,000 and properly assessed at $40,000 (with no exemptions), each mill of taxation amounts to $40.
According to figures from the office of Jackson County tax commissioner Don Elrod, the Commerce tax digest grew from $171.976 million to $172.596 million, thanks to the fact that the (nearly) million-square-foot Rooker building at the Commerce 85 Business Park came onto the digest Jan. 1, 2013.
For the full story, see the Sept. 18 edition of The Commerce News.