The Times Journal & Russell County News
Tuesday, Jul. 22, 2014 — RUSSELL SPRINGS & JAMESTOWN, KENTUCKY — russellcounty.net
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A taxing situation!
In Sept. 10 Issue

The great majority of the past years, we have noted property values increasing within the county. With this increase we have also noted that tax rates of the various boards and county  and city governments have in most cases maintained or decreased.

With an increased base of total property values, these tax driven boards have been able to increase their revenue while at the same time keeping the tax rate at the same level or in some cases actually lowering the rate.

The most recent years we have been seeing some real estate property values on a decline, often as much as 5 to 15 or even 20 percent.

Like what is occurring across the nation, many home owners trying to sell on the market today, are finding they have a serious problem. The property will now not appraise for what they  gave for the home only a year or so earlier.

While the home owners are faced with the dilemma of now having a house they cannot sell for the amount of mortgage against the property, many are faced with either taking a loss or returning the property to the lender.

All of us are familiar with the housing market and these situations.

But, this same market is also the driving force for our local tax rates that fund our government and county services.

City and county governments, board of education, library boards, ambulance and etc., are very likely next to feel the force of this downward spiral of property values.

With this, we then see requests  for tax rate hikes for these tax driven boards and services. With a declining or flat base, we can expect requests and increases in tax rates.

Real Estate appraisers are finding it difficult to perform in today's market as comparable are difficult and much pressure is being applied to this industry from the mortgage industry.

We can very likely begin to see property owners requesting a decease in their county appraised value of their real estate. Especially for real estate purchased in the past five years or so. Property purchased within this period is taxed on the amount they paid for their property at the time of the transaction.

In many cases, this value has decreased, but they are being taxed on the higher but original amount at the time of purchase.

As these values are noted, we can very likely see requests for tax rates to be lowered. As this base is lowered, we can very likely see tax requests from tax supported agencies, to be raised.

A drastic circle of events.

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The Times Journal is a weekly newspaper issued on Thursdays. It was first published on October 13, 1949, by Andrew J. and Terry Norfleet.
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P.O. Box 190
120 Wilson St.
Russell Springs KY 42642
Phone: 270-866-3191
Fax: 270-866-3198
Russell County News is a weekly newspaper issued on Saturdays, and is mailed free to every address in Russell County, Ky. It was first published on February 1, 1913.
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404 Monument Square
Jamestown KY 42629
Phone: 270-343-5700
Publisher:
David Davenport
(publisher@tjrcn.com)
Managing Editor:
Greg Wells
(editor@tjrcn.com)
News & Sports Editor:
Derek Aaron
(sports@tjrcn.com)
Advertising Manager:
Stephanie Smith
(ads@tjrcn.com)
Business Manager:
Kim Haydon
(business@tjrcn.com)
Production Manager:
Renee Daffron
(people@tjrcn.com)
Jamestown Office:
Kim Graham
(rcnoffice@tjrcn.com)
PUBLIC MEETINGS
Members of the public may attend meetings. Boards or agencies may schedule other meetings at special times, but are required to notify the public.
FISCAL COURT: 2nd Monday of month, 6 p.m. in the Courthouse
RUSSELL SPRINGS CITY: 2nd Thursday of month, 6 p.m. in the City Hall Municipal Room
JAMESTOWN CITY: 3rd Thursday of month, 6 p.m. in basement meeting room at City Hall
SCHOOL BOARD: 3rd Monday of month, 6:30 p.m., Board of Education office in Jamestown
LIBRARY BOARD: 2nd Tuesday of month, 5 p.m. at Jamestown Library
AIRPORT BOARD: 1st Tuesday of month, 5 p.m. at Airport
TOURISM COMMISSION: 2nd Wednesday of month, 12:30 p.m. at Tourism Office
CHAMBER OF COMMERCE: 3rd Tuesday of month, noon at The Cove restaurant
LOCAL & AREA
NEWS SITES
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Laker Country WJRS
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lakercountry.com/
WKYM-1017 (Monticello)
wkym.com/
Adair Progress (Columbia)
adairprogress.com/
Casey County News (Liberty)
caseynews.net/
Clinton County News (Albany)
clintonnews.net/
Cumberland County News (Burkesville)
burkesville.com/ccn/
Wayne County Outlook (Monticello)
wcoutlook.com/
Somerset
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Danville
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amnews.com/
Lexington Herald-Leader
kentucky.com/
Louisville Courier-Journal
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WKYT-TV, Lexington
wkyt.com/
WBKO-TV, Bowling Green
wbko.com/
USEFUL SITES
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