$3,000,000 MORE AT STAKE! LITIGATION! LITIGATION! – CAN THE COUNTY WIN THIS TIME?

We understand that four casinos are challenging their assessed values.  Not very exciting until you realize the impact it could have on all Tunica County citizens.  These cases date back over two years to the 2013 taxes and now involve the 2014 and 2015 taxes.  These cases are reported not only in the Tunica Times but other newspapers around the area.  If the county loses, like it did in the Town/School litigation and budget/tax levy litigation, what happens?  The taxpayers lose – as usual.

The problem:  The current Board of Supervisors has not taken into account the downward pressure on the casinos and how that impacts the value of the casinos.  In essence, the current Board of Supervisors has ignored pleas by the gaming industry to value the casinos in light of the current gaming market and not as if it is 2006 – when the casinos where at an all-time high.  For example, Harrahs Casino which has been closed well over a year and is now in bankruptcy is about to sell for around $3,000,000.  The County has valued this same property on the tax rolls at over $170,000,000!  Will a jury or judge believe that a property is worth $170,000,000 when it is being sold for $3,000,000?  We don’t think so.  Expand this issue across four casinos and it is a disaster brewing.

The current Board of Supervisors has collected the 2013 and 2014 tax money and spent it!  From our reading of the budget, absolutely no reserves are established in the event the County loses.  To further complicate the matter, it appears the County has budgeted to spend all of the 2015 tax money once it is collected.  No consideration has been given to the possibility the County could lose the 2015 tax challenges.  If the County loses, then it could have to pay around $3,000,000 back to the four casinos!  It has or is budgeted to be spent!  Where will the County go to get the money – the citizens.  The Board of Supervisors will either reduce services or raise taxes.  To make up the $3,000,000, the Board would have to increase the county taxes almost 25% from 41 mills to close to 54 mills.  More problems – the Court has already ruled that about 17 of the 41 mills are illegal.  So, once again the citizens of Tunica County could be facing a huge tax increase!  We have not assessed how the Board’s actions will negatively impact the local school’s budget – but it’ll cost the school district more than it cost the County! 

Can we afford elected officials who ignore the issues?  We hate to bring it up again, but without an audit we will never be able to understand the size of the current crisis until it is much too late!  The County Administrator was hired because of his auditing skills and credentials.  Why can’t we get an audit?  Maybe someone is trying to hide the budget crisis until after the election????