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Wednesday, July 30, 2014

County adopts a new formula for assessing riverfront property

Friday, August 22, 2003

CHARLESTON - Mississippi County officials have agreed on a new formula for assessing riverfront property leased to barge companies for mooring.

After lengthy discussion, Mississippi County commissioners and Assessor W.R. "Bill" Thompson agreed to adopt a simple and direct formula in which the amount brought in by the contract for the year is added to the value of the leased land, and the amount multiplied by 32 percent - the commercial rate - to determine assessed value for that portion of the land.

The previous method to determine assessed value used only linear feet and included a capitalization figure that appeared to have an error in its calculation: instead of multiplying the contract's annual value by one tenth, the value was multiplied by 10. As it stood, the taxpayer appeared to be "paying on an annual basis the value of a 10-year contract," County Clerk Junior DeLay said.

Another formula proposed in earlier meetings "is not going to work," Presiding Commissioner Jim Blumenberg said, as it is "too complicated" and also includes the capitalization figure. Thompson agreed the formula was "reinventing the wheel."

As the new formula is based on the income from the contract, "we must have proof (of income), no affidavit," Blumenberg said. If a contract is not presented as proof, officials said they will substitute figure of their own.

Thompson also advised commissioners that Midland GIS representatives had visited his office Tuesday and loaded half of the county's mapping.

The next step, Thompson said, is to print what they have and look for errors.

"So we do have mapping in Mississippi County," Thompson said.

In other Mississippi County commission business, Blumenberg advised county road and bridge crews would be in Bertrand Monday to lay blacktop purchased by the city.