With PTC rollback, your city tax bills should remain unchanged; Fayette County tax bills will also benefit from a full rollback of tax rates
There will be no tax increase this year for property owners in Peachtree City. The City Council on Aug. 17 approved a full rollback of reassessed property, thus avoiding higher city tax bills later this year.
Prior to the unanimous vote for the full rollback, Finance Director Paul Salvatore recommended that the council on Aug. 17 consider rolling back the maintenance and operation budget from 6.756 mills to 6.232 mills, a reduction of .524 mills. The bond millage rate would be reduced by .036 mills, from .309 to .273 mills.
In all, the total millage would decrease from 7.065 mills to 6.505 mills, Salvatore said.
Salvatore during an Aug. 3 presentation explained the two kinds of tax digest growth, that portion coming from reassessments and the other coming from new growth.
“The term rollback applies only to changes in current assessed value,” he said. “New added growth is anything else that causes an increase in the net taxable digest, such as the value of any new construction. Revenue increases from new added growth are not required to be rolled back because the new growth translates into new expenses for the city.”
Providing a breakdown of the rationale for recommending a full rollback, Salvatore said staff initially estimated a 7 percent growth in the tax digest from reassessments. The budget was based on a 3 percent of the digest growth and included a .25-mill rollback from the other 4 percent.
In actuality, said Salvatore, the net digest grew by 12.47 percent, including 3.75 percent from new growth, adding that the new growth will support the 3 percent increase needed for the budget.
Fayette does full rollback, decreasing tax rate 8%
The Aug. 24 meeting of the Fayette County Commission will include the adoption of the 2017 millage rate, the consideration of implementing a multi-way stop at Antioch and Goza roads and a discussion on the county transportation committee.
The proposed millage rate includes a 4.509-mill rate for maintenance and operations, down from 4.917 mills, an 8.3 percent decrease.
Fayette County and Peachtree City so far are the only full rollbacks implemented after a reassessment this year raised property values by double-digit percentages.
There is no proposed change for the fire services millage rate at 3.07 mills, the EMS services rate at .456 mills and the E-911 rate at .21 mills.
Commissioners will consider implementing a multi-way stop at Antioch Road and Goza Road. Also at the meeting, the commission, at the request of Commissioner Steve Brown, will have a discussion pertaining to the county transportation committee.