Agland tax values plummet, BV faces $881,000 losses
Buena Vista County could face an $881,000 loss in revenue as ag land valuations plummet this next year.
That's if supervisors don't raise taxes. Even if they do, because of levy caps, the county would still be out about $382,000.
Those are the figures the board started wrestling with Tuesday.
Auditor Karen Strawn determined two scenarios based on an estimated valuation reflecting a 29 percent drop in ag land values, and a 47 percent residential rollback.
Under the first example, Strawn determined what the county revenues would be in fiscal year 2005 based on the existing levies of $5.96 for urban and $8.38 for rural.
The proposed ag land valuation for Buena Vista are projected to decrease about $90 million from 2004 to 2005. The valuations are done every two years based on the fields' productivity for the previous five.
If county tax levies remained the same in fiscal year 2005 when the decreased ag land valuations take effect, it would mean an estimated loss of revenue of $881,000. That's a drop from $5.8 million to $4.9 million.
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