The Mayor and Town Council of the town of Tyrone have announced their intention to increase the collection of property taxes in 2016. This increase as compared to prior-year revenues is due to the need for a millage rate above the state-defined roll-back millage rate as calculated after the tax digest is prepared by the Fayette County Tax Assessors Office.
During budget preparation, the Town of Tyrone committed to maintaining its Maintenance & Operations (M&O) millage at a rate of 2.889 mills. As was the case last year, the assessed value of the new construction and existing real and personal properties within the town limits have increased, and a roll-back millage was calculated at 2.815 mills.
Georgia Law requires that a government rollback their millage rate to a number of mills that will produce the same number of dollars in property tax revenue from the prior year. The town’s millage has been at this rate for ten years, despite vast fluctuations in economic factors; many years of which resulted in declining revenue. The proposed increase in property tax revenue, year over year, amounts to $29,512 or 2.88 percent. The total number of dollars anticipated to be collected in property tax for 2016 is $1,052,852.
Before the Town Council can set a final millage rate at their regular meeting on Sept. 1, the Department of Revenue requires that three public hearings be held to allow for the citizens to express their opinion on the potential increase. All concerned citizens are invited to the public hearings, which will be held at Tyrone Town Hall, 881 Senoia Road, on the following dates and times: Aug. 25 at 9 a.m. and 6 p.m. and Sept. 1 at 6:30 p.m.
