The 2012 Tax Digest released Friday and approved by the board of tax assessors shows a fall in property values, for both the county and board of education.For the county, values dropped 15.4 percent, while the BOE fell 17.9 percent, Assessor Board Member Randy Bell said. Bell also said the variance between the two percentages is a result of the school tax exemption for seniors. The exemption states that citizens age 65 and over are exempt from paying school taxes. The county also has another similar exemption, Bell noted, which may have contributed to the difference between the two percentages, which exempts citizens age 62 who earn a certain annual income.

Last Thursday, the BOE passed a tentative budget for FY13. In an email to FYN today, Superintendent Bryan Dorsey stated the tentative budget was based on an expected 10 percent drop in the digest. This means the BOE has 7.9 percent unaccounted for in its tentative budget. When asked how the board would address this additional percentage drop, Dorsey stated that the board has a reserve fund that could “manage” the decrease. He did not mention, however, if the drop in digest would require a called meeting to adjust the tentative budget passed last week, or, if the new digest would force a millage increase.

The drop in values will also affect the county’s budget, which the board of commissioners is expected to pass soon.