Supervisors approve huge drop in assessed value at one industrial property
A change in assessment on a former industrial property in Warren County will cost the count nearly $100,000.
Monday, county supervisors approved the real and personal property tax adjustments to a number of parcels associated with the former Cameron Rig Solutions LLC at Letourneau.
Warren County Tax Assessor Ben Luckett said a recent review of the properties showed buildings that had been gutted, other buildings were in poor condition and the property no longer contained any mechanical equipment that once operated at the former rig manufacturing facility.
In 2019, the true value of the properties assessed was $17,330,210. This year, the assessed true value was $3,912,020, a difference of $13,418,190. The difference in taxes owed to the county is $98,925.
“It’s pretty much a ghost town,” Luckett said. “Buildings look from the outside, but there is nothing on the inside. All the conduit has been cut, and wiring removed.”
He said the total amount of property assessed was 336 acres, plus or minus, and was a combination of property used for the industrial site and property that was at times leased for agricultural use.
The property remains in Cameron Rig Solutions’ name, but the property is up for sale and listed by Ledger Purvis Real Estate.
On the agency’s website, 202 acres are listed for sale, with an asking price of $4.5 million. The listing describes the property for sale as “approximately 460, 000 square feet of industrial facilities situated on approximately 202 acres generally classified as industrial land. About 140 acres are located along the bank of the Mississippi River for easy river access and 62 acres are convenient to US 61 off Glass Road. Some of the newer buildings are less than 20 years old.”
Luckett presented the supervisors with an adjusted figure that had to be approved Monday as supervisors work to complete the county’s 2020-2021 budget. Luckett also said the reduction included a reduction on some of the property’s value that is often flooded.
“We are in the midst of doing our budget work now and that loss will be taken into consideration,” County Administrator Loretta Brantley said.
Supervisors are scheduled to vote on the 2020-2021 budget during their regular meeting scheduled for Tuesday, Sept. 8. The new budget begins Oct. 1 and continues through Sept. 30, 2021.
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