Houghton County assessed value rises
HOUGHTON — Assessed value in Houghton County rose 5.6 percent in 2018, equalization director Cheryl Patrick said at Tuesday’s County Board meeting.
It stood at $1,280,233,698 — $67,682,762 over the previous year.
Houghton led the way in assessed value with $170,085,596, followed by Portage Township ($149,448,517) and Torch Lake Township ($140,959,326).
Taxable value also increased, rising 3.47% to $942,026,482.
Houghton led in that category as well with $146,793,841. Hancock was second with $113,427,320, followed by Portage Township with $104,945,751.
Of the taxable value, homestead value accounted for $515,750,040.
Additions were assessed at $20,342,026; half the market value of the properties, as proscribed by state law. Losses came in at $9,097,901.
The millage reduction fraction was calculated at 1, allowing the county to continue to collect 6.2911 mills.
“We can collect the same amount of taxes from the county that we did last year,” Patrick said.
In years where growth exceeds the rate of inflation, the state requires municipalities to roll back the millage rate.
The continued 6.2911 mills will result in the county collecting $198,589 more in property taxes, or 3.47%.