The process to pass a 2024 county budget progressed Tuesday at the Montgomery County Council meeting.
The meeting offered a chance for the public to speak about the published budget, but no one did. Even with no concerns from the public, council members continued to address money matters pertaining to the 2024-25 budget.
County financial advisor Jeff Peters was on hand to help answer questions.
Peters and County Auditor Mindi Byers answered questions on certain items and how certain figures within the budget were calculated.
The time was spent on educating council members and reporting on the process on such items as tax income and the distribution of funds.
Peters also gave a presentation on the current property tax situation. At the request of the council, he spoke about how even though some county property tax rates have decreased, the amount property owners have increased.
Peters said today’s property rates are a product of the increase in property values. The values, or sale prices, have been increasing rapidly in the past few years. Peters said values of property have increased due to lower mortgage interest rates and the low inventory of homes on the market. Valuations have increased due to supply and demand.
Peters pointed out the largest tax burden for county residents goes towards schools. The portion of county property taxes that end up in county coffers is 35% for county residents. City residents have 11% of their county taxes going to Crawfordsville schools. Peters pointed out that city residents also have a city tax rate which the county residents do not have. City residents have 40% of their total property tax going toward city taxes.
Byers reported the county has done extremely well with investments of cash in 2023. County Treasurer Heather Laffoon is responsible for investment decisions. This year the county has earned $1.2 million year-to-date. This money is added to the coffers and is considered in the 2024 budget.
A review of active tax abatements was presented to the council. Abatements must be reviewed to insure the abatements are within the guidelines for tax abatement eligibility. The abatements that passed the review were IMPA (Waynetown Solar Aray), Steel Technologies, Crawfordsville 5 Solar Array and Darlington Solar Array.
The council will have a special meeting to discuss having a Compensation Study completed in time for the 2025 budget process. The study will help the council with pay for county workers and elected officials.
