Neosho County’s budget forecast looked mixed after Appraiser Bob McElroy gave county commissioners the preliminary valuation figures Friday morning.
The overall taxable property is up $2.7 million, but that does not count the impact of the Neighborhood Revitalization Program. McElroy said a lot of the new construction is under the Neighborhood Revitalization Program, and that worried Commissioner David Bideau. He said the NRP might cause a net decrease in the tax base.
“We’re underwater,” he said.
The Neighborhood Revitalization Program provides development incentives by rebating a percentage of the tax increase caused by improvements. The county collects the increase, then refunds it, and the program lasts up to 10 years, with the rebate percentage decreasing over that time.
(Read more: The Chanute Tribune)