Jul 29, 2011 | Posted by: roboblogger | Full story: Gainesville Daily Register
Cooke County officials recently announced the county's certified taxable value of $2.9 billion, following an appraised value of $4.8 billion.
Several taxing entities are increasing their tax rates because of the depreciation of the windmills. The windmills added about $189 million to Cooke County Tax values in 2009. That was a windfall for the taxing entities like the college and county. It wouldn't be so bad except once they got the tax money for that year, as the windmills rapidly depreciate, $24 MILLION JUST IN 2010, the college was able to raise their tax rate from 7.01 cents to 7.12 cents. Through a quirk in state law, they were able to claim this wasn't a tax increase because they needed to raise the rate to get the same tax revenue they got in 2009. Since the windmills didn't add any student load, why couldn't they have settle for the tax revenues they got in 2008 before the windmills came on the tax rolls. NCTC raised the tax rate again in 2011 to 7.17 cents but again claimed it wasn't a tax increase.
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