Dickinson sees its taxable value increase by 4%
IRON MOUNTAIN — Taxable property values in Dickinson County are up by $38.8 million, an increase of about 4% from a year ago, Equalization Director Matthew Baumgartner said.
The increase is due to new construction and a stronger market in home sales, which may cool as interest rates rise, Baumgartner told the county board Monday.
The information on the county’s taxable value came as Baumgartner presented the 2022 equalization report. The total equalized valuation in the county is $1.13 billion, an increase of about $51 million, or 4.7%.
Total assessed valuations are up in every municipality in the county, ranging from a high of 10.38% in Breen Township to a low of 1.33% in Breitung Township.
Taxable value in Michigan is the value to which the property tax millage rate is applied. It is subject to a cap and can be increased on individual properties only by the amount of the consumer price index or 5%, whichever is lower.
Generally, the only time a taxable value can increase beyond the state limit is when the property is sold or transferred in some way. Once this happens, the property is “uncapped,” meaning the taxable value will be equal to the assessed value in the first tax year after the transfer. Then the cap applies going forward.
In other action, the county board:
— Appointed Robert Girardi to a partial term on the Dickinson County Planning Commission expiring Feb. 28, 2025. Two other vacancies remain.
— Appointed Dr. Sarah Vendetti to a partial term on the Fumee Lake Commission expiring July, 14, 2022.
— Extended for another year a food service contract for the county jail with Summit Food Service LLC, based in Sioux Falls, S.D., reflecting an average price increase of 3%.
— Heard Sheriff Scott Rutter express appreciation for his staff during National Public Safety Telecommunicators Week. Dispatchers at the correctional center are unseen heroes during times of crisis, he said.
— Changed the date of the May 9 county board meeting to May 11 as Controller Brian Bousley will be out of town for training on the scheduled date. The meeting will be at 6 p.m. in the circuit courtroom.
Jim Anderson can be reached at 906-774-3500 ext. 226 or firstname.lastname@example.org.