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Published July 01, 2006 09:58 pm - Property owners would see significant tax increase By Evan Belanger As county residents on Lake George consider joining the city of Cullman, it appears the initial increase in property tax could be fairly significant for the property owners if they approve the annex.
According to Revenue Commissioner Kay Smith, the increase will be approximately 40 percent over the normal county rate. "It won't double, but it will come close," she said. Smith added the increased dollar amount could be fairly sizable for some considering the value of some of properties around the lake. "There's some really, really nice homes out there," she said. Under the county tax structure, owners around the lake pay $23 a year for every $1,000 of assessed property value, which, in most cases, is approximately 10 percent of the property's true-market value. Under the city tax structure, that number increases to $38.50 for every $1,000 of assessed value. At that rate, a property valued at $200,000 would be taxed $460 a year in the county and $770 in the city, a difference of $330. That number is higher for property owners who do not have homes on their land. In those cases, the assessed property value jumps to 20 percent of the true market price, if the land is less 20 acres. The same percentage applies to commercial properties. Using those numbers, a $200,000 property without a home on it is taxed $920 in the county and $1,540 in the city, a difference of $620. According to Smith, the assessed value for non-commercial lots of more than 20 acres drops back down to 10 percent. Despite the increase, Smith said the taxes in the Cullman area are significantly less than most other counties. Property owners in Jefferson County, for example, pay more than $100 for every $1,000 of assessed value. "We actually have one of the lowest tax structures in the state," she said. "People don't know how lucky they are." In any case, while the tax rate will definitely increase if the residents approve the annex, it is still difficult at this point to determine what their total tax increase will be, according to Mayor Don Green. 
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