Pike County PVA discusses cause and effects of declining assessments

Duration: 2:24 382 transcript words EN summary

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Following the Pike County School Board's decision to adopt a state-proposed tax rate, which resulted in an annual loss of $322,000, there has been concern regarding whether property values across the county have declined. Pike County Property Valuation Administrator Kevin Auton clarifies that while real estate values continue to rise as they historically have, other taxable assets within the county's assessment base have significantly decreased. This drop in overall assessed value is not due to falling home prices but rather stems from reductions in specific categories of property that are subject to taxation. The primary reasons for this decrease involve unmined coal reserves, oil and gas mineral rights, and tangible personal property owned by large industrial entities. Auton explains that the valuation numbers for these resources have dropped dramatically over recent years, a decline that has outpaced the increases seen in residential real estate. Furthermore, the number of active coal companies in the region has shrunk to just one, leading to a reduction in the assessment of heavy mining equipment and dozers previously owned by larger corporations. Consequently, the school board received a lower total assessment because these declining asset values are included in their overall tax calculation. To address these unique challenges and offset the losses from the shrinking industrial sector, Auton points to positive developments in the local economy, specifically the growth of the hospital and university systems around Poplar Bluff. These institutions provide a stabilizing economic force that helps support the community, though he notes that areas further out in the county are still suffering economically. He expresses a strong desire for new leadership to introduce innovative ideas and attract new industries or educational opportunities to those struggling regions, suggesting his willingness to serve on committees to brainstorm solutions for workforce redevelopment and business diversification. Ultimately, while the current economic landscape presents difficulties due to the decline of traditional mining assets, there is hope for recovery through strategic growth in healthcare and education sectors. Auton emphasizes that the community must adapt by bringing in new types of businesses and industries to help those outside the immediate vicinity of Poplar Bluff. The video concludes with a call for collaborative effort from county officials to figure out sustainable ways to maintain the local economy, ensuring that the decline in one sector does not lead to long-term financial instability for the school district or the residents of Pike County.

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Following the Pike County School Board's decision to adopt a state proposed tax rate resulting in an annual $322,000 loss, some may wonder if property values across the county have decreased. While real estate values continue to rise, there are other taxable assets that have decreased for a number of reasons. Pike County Property Valuation Administrator Kevin Auton speaks on the issue. >> The real estate values have have increased and always have. Now, part of the numbers that they get to tax on is what's called unmined coal. And oil and gas mineral rights. Okay? Now, those numbers have been dramatically dropping. Uh and it This year, those numbers dropped more than the increase in the real estate side. So, yes, the school board had less assessment because they get it that as a part of their assessment also. Well, big coal companies that that have dozers and mining equipment, those are also taxed as as tangible personal property. And those have also been on the decline because coal companies, I think we have one working coal company in Pike County now. So, those have declined. >> Car and truck wrecks are stressful and traumatic. For over 25 years, we have represented victims of car wrecks against big insurance. Don't let big insurance take advantage of you and your family. Bring in the team that knows how to win. Call us today. >> Auton says there are unique challenges for making up property value losses across the county. He says a growing hospital and university can offset some of the loss, but wants to see new ideas from county officials. >> I'm willing to serve on any committee or brainstorm and and I hope our our new leadership that's coming in can figure something out. It's been a challenge. I mean, we've got to redo our workforce. Bring bringing other types of businesses, education. Thankfully right now we have a growing hospital and a growing college, which is kind of keeping our little economy right here around Poplar Bluff going. But out in the county they're they're really suffering and and I would love to see some type of industry move in, you know, out in the county to help those people. >> Reporting for Mountain Top News, I'm Nick Colum.