Houghton County holds Truth in Taxation hearing
HOUGHTON — Houghton County’s millage will stay the same as last year’s.
The county will collect 6.2911 mills, its maximum allowable rate, Deputy Equalization Director Jaikob Djerf said during a Truth in Taxation hearing Tuesday. Under state law, the board must conduct the hearing to be able to levy the full amount.
The millage reduction fraction is 1; the term refers to the rate at which a millage is rolled back to ensure the growth in property taxes does not outpace inflation. The base rate tax fraction is .9783, calculated by dividing the prior year’s taxable value minus losses by the current year’s taxable value minus additions.
Taxable value in the county is about $941.5 million.
Based on this year’s taxable value, the county could conceivably reach $1 billion next year, Djerf said, responding to a question from Commissioner Glenn Anderson. However, he declined to make a formal projection.
Inflation in 2018 was 2.7%, though this year’s is tracking lower, said county Administrator Eric Forsberg. A 2.7% rate with no additional changes in value would put the county’s taxable value at close to $967 million.