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Starkville Residents Prepare for Property Tax Increases and School Bond Proposal

Starkville homes with a school building in the background, highlighting property tax issues.

News Summary

Starkville residents are facing upcoming changes including rising property taxes due to new appraisal values set for 2026 and a significant school bond proposal. Homeowners should be prepared for increased tax bills, while the proposed bond aims to fund improvements in local school facilities. Community engagement will be crucial as a referendum could arise depending on voter support for the bond proposal.

Starkville Residents Brace for Changes: Bond Proposal and Rising Property Taxes!

Hey there, Starkville! It looks like some changes are on the horizon concerning your property taxes and a big bond proposal for local schools. Let’s break down what these changes mean for you and your wallet!

Upcoming Property Tax Increases in Oktibbeha County

First off, the Mississippi Department of Revenue (DOR) is shaking things up a bit by implementing new appraisal values come 2026. These updates are designed to more accurately reflect the ever-increasing costs of construction in the state. It’s important to note that this isn’t just about your home; both residential and commercial properties will see a change in their appraised value. With rising property values, it’s safe to say you can expect some shifts in your annual property tax bills.

Currently, if you own a cozy home worth $200,000, your property taxes approximately amount to $3,738.30 if you live in the county (excluding any homestead exemptions). For city residents, that number jumps up to about $4,593. Yikes! Hold on tight, folks, because when the new appraisal values roll in, your taxes will take a noticeable hike.

What to Expect in 2026

With the new appraisal values, the tax on that same $200,000 home is expected to rise by $449.10 in the county, bumping your total taxes up to $4,187.40. City homeowners will see an even larger increase, with their tax bill likely climbing by $564.30, bringing it to a whopping $5,157.30, assuming there are no changes in tax rates from the city, county, or school district.

School Bond Proposal: The What and The Why

$87 million aims to fund new school facilities, which might even include a joint high school with the Mississippi School for Mathematics and Science. This proposal was set into motion with a resolution of intent back in July 2023.

Interestingly, SOCSD recently revealed in their audit for Fiscal Year 2023 that they plan to retire over $4.3 million of existing debt. If the full bond is issued, it can be paid off in 20 years at a maximum interest rate of 7%. This means that residents could be looking at an annual payment of approximately $4.6 million, which is about $300,000 more than what they currently owe.

Impact on Homeowners

Now, what does this mean for you, the homeowner? Well, if you’re sitting on a $200,000 home, you might find yourself facing an extra $11 in taxes. Not too shabby, right? However, if SOCSD decides not to proceed with the bond, school taxes might actually decrease by $148.80, easing some of the burden from the property revaluations. Always a silver lining to consider!