Hancock County Waterfront Property Facing Reappraisal - WLOX.com - The News for South Mississippi

PROPERTY TAXES ARE INCREASING

Hancock County Waterfront Property Facing Reappraisal

Shoreline Park has been the hot spot for new home construction for the past five years. Many folks are building $100,000 to $200,000 homes in the waterfront community. Some homes are even in the $300,000 range.

But with all of this development, property taxes are increasing. "Waterfront property is the age old thing of supply and demand there are not making anymore waterfront lots . The people who are fortunate enough to own these lots that are vacant are commanding and receiving good payment for it so your seeing the value of these lots just escalating," said Jimmie Ladner, Hancock Co. Tax Collector.

Water and sewer services have been added to most areas, which Ladner says also helps drive up property values. Because of increased assets values in the waterfront property areas some of the Bay St. Louis areas some newer developments your seeing the assessed values raised. That's because the market is demanding it.

In the 1999 reappraisal, Ladner says some waterfront homes were assessed between 15% and 60% below market value.

Lowell Carey purchased his waterfront home in Shoreline Park 3 years ago he says he knew it was just a matter of time. "Nobody likes to have to pay more taxes I guess but it's probably inevitable if you get a better community it's higher taxes," he told WLOX.

His neighbor on the next street over says he doesn't mind taxes going up as long as the money is used to better the community. "I think we need a lot of things out here we're getting the sewer we're getting the water but we need to have the roads paved If they are going to use the tax income for it I believe it's a good thing, Jim Strickler, Shoreline Park Resident," said Jim Strickler, Shoreline Park Resident.

Hancock County Tax Collector Jimmie Ladner says the county could be fined by the State Tax Commission if properties are not assessed at market value.

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