County’s value increases by $72M

Madison County’s assessed value of real and personal property increased by over $70 million, marking a 3.4 percent growth since last year, Tax Assessor Norman Cannady told the Board of Supervisors on Monday. 

Cannady presented the preliminary tax roll to supervisors for approval. 

“Madison County has once again experienced a year of solid growth,” Cannady said. 

The total increase of assessed value was $72 million, bringing the total assessed value of the county to $2.2 billion. Last year, the county eclipsed the $2 billion mark for the first time. 

Cannady said Madison County is among the top five counties with the highest value in the state. 

Real property had a $1.4 billion total assessment, an increase of $41.7 million, while personal property had a $321 million total assessment, an increase of $2.1 million.

Utilities, which Cannady said are handled by the Mississippi Department of Revenue, were valued at $83 million, while automobiles and mobile homes were valued at $330 million.

There were also 675 new homes added in this year’s tax assessment of Madison County, Cannady announced.

This tax roll also includes 58,217 property parcels, 4,786 personal property accounts, 2,858 homestead applications, and 29,402 homestead accounts. 

“(The growth rate) is great,” Board President Gerald Steen said. “We are continuing to grow and continuing to help the county.”

The highest growth rate in the last couple of years was in 2022 when the overall assessed value increased by 5.7 percent.