STANFORD - In the face of a struggling state economy, Lincoln County magistrates lowered the personal property tax rate Tuesday while increasing the fee for electrical inspections to better coincide with area rates.
The personal property tax, which applies to store inventory and office equipment, was lowered by .06 percent, saving taxpayers about .6 of a cent per $100 of property.
"I make a motion to lower it because I think we need a break," said Magistrate Bill Dyehouse.
Judge-Executive Ronald "Buckwheat" Gilbert said the decrease won't affect many taxpayers. "Very few people turn it in, mostly banks," said Gilbert.
Magistrates were hesitant to vote on the decrease before knowing the exact amount of revenue that would be lost. "I don't have any problems lowering it, but if it's $10,000, $15,000, that's money," said Magistrate Terry Wilcher.