New tax company could quadruple county tax income

New tax company could quadruple county tax income

MISSISSIPPI COUNTY, AR (KAIT) - Mississippi county assessor asked the county finance committee for a $200,000 grant to hire an assessing company.

County Assessor Harley Bradley presented the idea to the committee during their regular meeting Monday.

Bradley wants to hire Tax Management Associates (TMA) to reassess the personal property tax of several Mississippi County businesses.

According to Bradley, the company can quadruple the amount of business personal taxes the county collects.

Michael White, finance committee chair, said TMA would focus specifically on industrial businesses like Nucor and farmers.

They would also look into personal property taxes of some Main Street businesses.

White said the company has a prepared list of items they use to tax certain companies.

Bradley told the committee this company promises $7.50 back on every $2 invested.

White said this means the county would be collecting $4.5 million from a company like Nucor instead of the current $1.5 million the county receives now.

He said this would be great for the county since there are several big projects underway.

"Part of the finance committee's thought process is maybe this will allow us to take care of some of those projects without having to continue to borrow money," White said.

White said he has some concerns about hiring the company.

He is worried about how it will affect the businesses that will pay quadruple what they pay now.

"Who are we going to hurt? What impact are we going to have? It is not a raise in taxes, it is a true tax burden but it will be an increase in the dollars that they pay," White said.

White said this could really hurt struggling businesses, like farmers who are trying to break even this year.

The committee will consider awarding the county assessor the $200,000 for next year as they finish the budget, but White said the committee would discuss the pros and cons before they make a decision.

The finance committee will present the budget to the full Quorum Court next month.

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