Stine, Magnolia Mall contest assessments
Published 12:00 am Tuesday, August 11, 2009
NATCHEZ — Monday’s public forum meant as an opportunity for Adams County residents to contest their tax assessments ended with no official action by the Adams County Board of Supervisors.
But board President Henry Watts said it’s “highly likely” the board will decide whether or not to reassess the Stine Lumber and Magnolia Mall properties today.
Adams County Tax Assessor Reynolds Atkins did make at least one recommendation to the board.
Atkins has recommended the board not change the assessment placed on Stine Lumber.
Independent appraisers valued Stine at approximately $4.2 million, while Atkins placed a $5.8 million assessment on the property.
“I feel that was a correct assessment,” Atkins said.
While Stine’s President Dennis Stine was at Monday’s meeting to contest the assessment, Atkins’ recommendation did not come until after Stine had left the meeting.
Supervisor Mike Lazarus said the issue came up in the board’s hour-long executive session portion of the meeting, in which board members cited potential litigation and economic development.
During the executive session portion of the meeting a motion regarding both Stine Lumber and Magnolia Mall was made then rescinded, Lazarus said.
Lazarus said the motion was rescinded because the full board was not present for a vote.
Adams County Thomas “Boo” Campbell was not at the meeting, but is expected to be at today’s meeting.
While Atkins recommended no changes for the Stine property, he will be reviewing a reassessment request by a developer working with the Magnolia Mall.
Weiner Development President Andy Weiner has asked Atkins to reassess the value of the Magnolia Mall property, which Weiner said will make it easier for Weiner to revamp and remarket the mall.
While Weiner does not own the mall property he contested the assessment by authority from a signed affidavit by the owner of the buildings on the land. The actual land is co-owned by more than 20 individuals across the country, Weiner said. After Monday’s meeting, Atkins said he believes his initial assessment of the Magnolia Mall was “probably too high.”
Weiner provided two appraisals of the property based on the income approach to determine value, Atkins used the cost approach to arrive at the $3.5 million value he placed on the property.
Based on the income approach, which uses revenue to obtain a value, the property should be valued at $660,000, Weiner said.
Weiner said Stine the mall is underutilized there’s actually an operating loss of $50,000 a year.
The supervisors have the authority to side with either Atkins or the taxpayer and are not bound by Atkins’ recommendations. Only two county residents were at Monday’s meeting to protest their tax assessments.
Representatives from Mississippi River Corporation will be at today’s meeting to contest their taxes. While MRC reps were not at Monday’s meeting, Adams County Chancery Clerk Tommy O’Beirne said since the group had already filed a contest with the board they will be permitted an audience.