The value of all property in Fayette County saw a small but significant increase in 2014.
Information supplied by Fayette County Tax Commissioner George Wingo showed an increase of approximately 1 percent in the 2014 tax digest.
Though small, an increase of 1.022 percent over the value of all real and personal property in the county in 2014 is a marked improvement over 2013 when the tax digest finally climbed into positive territory but was essentially flat.
The 2014 increase of 1 percent would have been a 2.2 percent increase had it not been for a $57.8 million decrease in motor vehicle taxes stemming from the one-time 6.5 percent title ad valorem tax. The tax on vehicles sold after spring 2013 replaced the annual “birthday tax” on vehicle decals.
Nonetheless, the change in vehicle taxes included, the county’s value grew by just over 1 percent.
Pertaining to the tax digest, taxes are based on 40 percent of the fair market value of a piece of property.
The county’s 40 percent value for 2014 totals $4.683 billion. That figure compares to a 40 percent value of $4.639 billion in 2013, a difference of approximately $44 million.
As might be expected, residential properties at $3.117 billion account for the largest block of value in the county. Lagging behind in value are commercial properties at $753.7 million, industrial properties at $329.5 million, motor vehicles at $296.9 million, utilities at $74.6 million, agricultural property at $66.4 million and land in conservation at $40.1 million.
While the Great Recession ended officially years ago, the reality is that property values in Fayette County took a sharp dive that resulted in a 20 percent drop in value countywide. It was only in 2013 that property value stopped falling and began to climb incrementally in the other direction.
