Since 2016, the value of properties in Floyd County has decreased by about $200 million, but that value is about $50 million higher than it was last year. 

Real estate property values increased again in Floyd County this year, but, once again, the value of properties that are mostly owned by the coal mining and gas industries decreased. 

The county’s total equalized assessment, released Friday by Property Valuation Administrator Connie Hancock, includes assessments on real estate, farm and commercial properties that are locally valuated, as well as unmined coal and oil and mineral rights that are valuated by the state. Local taxing districts use the information from this total equalized assessment each year to determine tax rates.  

At $1.43 billion, the total equalized assessment is about $200 million less than it was in 2016, but five million more than it was last year, when the total equalized assessment was recorded as $1.38 billion. 

Assessments for residential, commercial and farm properties, which are assessed by the Floyd County Property Valuation Office, increased to the highest amount they have been since 2016, the assessment shows, while assessments for unmined coal and oil and mineral rights are at their lowest since 2016. 

Residential property assessments have increased by about $19.1 million in Floyd County since 2016, when they were set at $630.4 million. Set this year at $649.5 million, the county’s residential property assessment increased by about $5.9 million over last year. 

Assessments for commercial property have increased by about $7 million in Floyd County since 2016, when they were set at $277 million. Set this year at $284 million, the county’s commercial property assessment is about $2 million more than last year. 

Assessments for farm property in the county have increased by about $5.4 million since 2016, when they were set at $119.5 million. Set this year at about $124.9 million, the county’s farm property assessment is about $2.8 million more than last year. 

Alternatively, the assessments for unmined coal and oil and mineral rights, which are set by the state, have declined annually over the past several years. 

Unmined coal assessments have decreased by around $130 million since 2016, and oil and mineral rights have decreased by $86.1 million since 2016 in Floyd County.

In 2016, unmined coal was valued at $141.8 million in Floyd County. Set at $11.8 million this year, the unmined coal assessment dropped by about $5.4 million in Floyd County since 2018, when it was $17.2 million. 

In 2016, the county’s assessment for oil and mineral rights was $120.5 million. 

Set at $34.4 million this year, the oil and mineral rights assessment dropped by about $100,000 since 2018, when it was $34.5 million. 

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.