Higher sales tax, interest drop county property tax

Trempealeau County property taxes are expected to take a dip in 2024, though at least part of the reason is hikes in prices elsewhere.

The board of supervisors will hold a public hearing at their annual budget session next Tuesday at 10 a.m. to consider a $79.830 million spending plan that, though bigger than the 2023 budget, would reduce the mill rate to just under $5.60 per $1,000 of assessed value. That compares to $6.07 per $1,000 of assessed value for 2023.

Among the factors helping lower the mill rate is that the value of taxable property in the county has increased, from $2.8 billion in 2023 to $3.2 billion for the upcoming budget year.

Another contributor to a lower property tax bill is the county is predicting it will receive much more sales tax revenue than it expected this year and will earn more on its investments because of a spike in interest rates.

The county’s property and finance committees are scheduled to meet Monday to see if enough money can be found from 2023’s boost in sales taxes and investment income, interest from the federal American Rescue Plan Act payments and money from the Local Assistance and Tribal Consistency grant to avoid more borrowing to renovate the old courthouse once the new justice center opens. Bids for the 16-month courthouse project totaled $3.876 million. Contracts have not yet been awarded.

Among the jumps items in the 2024 budget is the amount of money the county will pay to retire debt. The amount set aside for repayment in 2023 was $3.7 million. The 2024 budget anticipates that number to climb to $5.02 million.

On Monday, the county finance committee ended four years of borrowing over $4 million annually to maintain and repair county roads. Instead, committee members agreed to transfer $2 million from the general fund. The highway department had sought $5 million in borrowing.