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Call it a case of good news, bad news.

It appears that assessed property valuation is going to be up this year by close to $1 million in Clay County despite drops in home valuations.

The reason is new construction, primarily commercial, according to Clay County Assessor Cathy Rinehart.

Rinehart said the new construction could be found throughout the county.

“That’s what really saved us,” she said. “Real estate held its own.”

With the current economic conditions, Clay County Administrator Alexa Barton liked what she heard.

“I was surprised,” she said. “That’s excellent news.”

The less than excellent news?

While the final figures are still weeks away from formal certification, there appears to be a $98 million drop in personal property valuation.

“Businesses have gone out, people are not buying new, including new cars,” Rinehart said.

She also noted people are downsizing, going from three cars to two as well as selling boats and trailers, which further reduces personal property.

“People are getting rid of their stuff,” Rinehart said.

The drop in personal property translates into less revenue for the county, school districts and other governmental entities.

Barton said the loss for Clay County next year, based on current figures, could come close to $250,000.

She is hopeful that loss will be offset to a degree by rising sales tax revenue if an economic recovery sets in later this year.

Barton also does not expect any immediate budgetary impact, noting the county has already made revisions twice this fiscal year, which started Jan. 1.

She said the revisions have been important in providing continued stability for the county’s financial situation.

Looking to the long-term, Presiding Commissioner Ed Quick expects next year’s financial situation to be similar to this year.

“I expect it will be as tight if not tighter than it was this year,” he said.

He also said if a recovery does set in, the county could be in a better position than others with the reliance on sales tax revenue.

“Property values always take longer to recover,” he said.

Senior writer Mark Johnson can be reached at 781-4941 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

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