County must deal with value decline

Barron County is in uncharted territory this year as it plans the 2011 budget with a decrease in property values that have dropped nearly 6% from last year. Last year the county's equalized valuation was about $3.8 billion. This year it is about $3.6 billion. The tax rate is the amount of property taxes to be levied relative to property values. This year, the county's tax rate was $3.86 per $1,000 of equalized valuation. This year's drop in property values would increase the tax rate next year to $4.01. Still the decrease in valuation doesn't pose a problem yet because the county's 1992 state-imposed operating levy mill rate limit is $4.56. "The county is still $3.3 million under that cap of what it could tax," county administrator Jeff French told the Executive Committee Aug. 24. State law limits counties to a 3% levy limit not to exceed ... Click headline for full article Thursday, September 02, 2010