Property Value Hike Hits Lowndes County: Commercial Owners and Community Leaders Face Challenges
On Thursday, July 18, the Lowndes County Historic Courthouse was packed with over 150 commercial property owners and community leaders. These individuals are grappling with an unprecedented 82% increase in their property values after 20 years without re-evaluation.
The surge in property values follows a three-year assessment conducted by a third party, aimed at bringing property values back in line with state compliance. This sharp increase poses a significant challenge for commercial investors, particularly those relying on long-term rental income.
“We profit from the difference between rental income and our actual costs. A historic increase in property values over 20 years drastically impacts our cash flow and, consequently, the property’s value,” explained Trey Taylor, CEO of Taylor Insurance.
Even small businesses like Downtown Social have felt the impact, with property values soaring by $70,000. These unexpected increases have strained budgets already set for the year, adding to the daily challenges of running a business.
“I know if I’m facing these issues, other small businesses are too. It’s crucial for these boards and entities to consider the mileage rate to support the citizens of Lowndes County,” stated Tiffany Bentley, owner of Downtown Social.
Christie Moore, president of the Valdosta-Lowndes Chamber of Commerce, highlighted the broader implications. “People often think businesses can easily absorb these costs, but that’s not always true, even for nonprofits. Some in our community are making tough decisions, and we want to help them navigate the appeals process and understand their rights.”
Local businesses are anxiously awaiting this year’s tax bill to determine their next steps. Depending on the set mileage rate, they may face substantial expenses, potentially leading to property sales or employee layoffs.
The chief tax appraiser noted that commercial property owners have until August 12 to file an appeal if they wish to contest their new property values.
