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Tax bills will vary due to property valuations PDF Print E-mail
Written by Wauneta Breeze   
Thursday, 24 October 2013 18:18

■ Editor’s note: This is the third in a series examining the assessed valuation of ag land in Chase County and what rising valuation means in determining local tax levies.

 

By Russ Pankonin

The Imperial Republican

 

This year’s increase in property valuations for agricultural land in Chase County of slightly more than 22 percent will result in a higher tax bill for those land holders.

In Chase County, the two school districts have increased their tax askings over last year. Wauneta-Palisade Schools asked for $374,084 while Chase County Schools requested $394,324.

The Upper Republican Natural Resources District increased their tax request by more than $850,000 to cover expenses related to the augmentation projects. Their tax asking gets spread across Chase, Perkins and Dundy Counties.

With those tax increases and an increase in rural property valuations, rural property owners will bear a bigger share of the tax load.

Even with ag land valued at 72 percent of market value, ag land owners will still feel the pinch. The rising prices being paid for land is also calculated into the tax valuations for that class of land.

For instance, a center pivot in the Wauneta-Palisade school and Wauneta fire districts that had a market value of $800,000 in 2012 had a tax valuation of $576,000 (72 percent of market value).

In 2013, the market value of that pivot increased 22 percent to $976,000, resulting in a tax valuation of $704,000.

Based on the tax askings for 2012, the tax bill would have been $8,882. Even though this year’s tax levy went down from $1.542 to $1.529 per $100 of valuation, that landowner will see an increase in taxes due to a higher valuation to $10,764, or an increase of 21 percent.

For a homeowner in Wauneta, property values fell 1.34 percent in 2013 compared to 2012. In Imperial valuations increased 8.1 percent.

However, because there is more overall valuation in the county thanks to rising ag land prices, the total tax burden is spread out more. However, ag land absorbs a bigger share of the burden.

For instance, a home with a tax valuation of $150,000 in Wauneta in 2012 decreased in tax value by 1.34 percent to $147,990.

In 2012, the property tax for that home would have been $3,022.37. But because of the larger increase in rural valuations spreading out the tax burden, and the reduced valuation in Wauneta, the taxes go down to $2,969, or about a decrease of 1.7 percent.

This year’s tax levy chart appears at the right. To see what impact the rising valuations will have on a tax bill, refer to the levies for the respective tax district the property lays in.

 

Proportions of your tax dollar

The following shows a proportionate breakdown of where the 2013-14 tax dollar goes.

All property owners in Chase County pay the same county levy regardless of whether they reside in town or in the country.

Because property owners in Imperial and Wauneta also pay city taxes, their proportion of tax dollar changes.

In Imperial, 14 percent of the tax dollar goes to the county. In rural Imperial, because no city tax is collected, the proportion of the tax dollar changes to 22 percent.

However, the two classes of property still pay an equal levy for county expense.

 

Last Updated on Thursday, 24 October 2013 18:22