The Simpson County Schools property tax rate on real estate is dropping this year by more than one cent per $100 of assessed value.
The Simpson County Board of Education approved this year’s school real property, personal property, utility and motor vehicle tax rates during a special called meeting on August 26.
The 2020 real property tax rate is 53.5 cents per $100 of assessed value, which is 1.3 cents lower than last year’s rate of 54.8 cents.
The personal property tax rate increased two tenths of a cent from last year. This year’s personal property tax rate is 55 cents per $100 of assessed value. Last year’s rate was 54.8 cents.
This year’s utility and motor vehicle tax rates are unchanged from last year. The utility rate is three%. The motor vehicle rate is 54.6 cents per $100 of assessed value.
The tax rates approved by the board of education are the compensating rates and do not require a public hearing.
Compensating tax rates are expected to generate about the same amount of revenue as the previous year’s rates.