The Peachtree City Council on Aug. 23 held the first two of three public hearings on the 2016 millage rate. The rate of 6.756 mills is expected to be adopted on Sept. 1.
Attendance was sparse and there were no public comments at the two meetings on Aug. 23 which will maintain the millage rate at 6.756 mills. Once approved, the rate will serve as a tax increase due to rising property values in the city that increased 4.7 percent over the rollback rate of 6.453 mills.
The city’s bond millage rate will decrease from .314 mills to .309 mills.
The two millage rates combined will total 7.065 mills.
The final public hearing on the millage rate, followed by adoption, will be held Sept. 1 at 7 p.m. at City Hall located at 151 Willowbend Road.
When the total digest of taxable property is prepared, Georgia law requires that a rollback millage rate must be computed that will produce the same total revenue from real property on the current year’s new digest that last year’s millage rate would have produced had no reassessments to real property occurred. As real property values have increased, the general fund rollback millage rate of 6.453 is 0.303 mills lower than the current rate of 6.756, city staff said.
Each year, the Fayette County Tax Assessor’s Office is required to review the assessed value for property tax purposes of taxable property in Fayette County. When the trend of prices on properties that have recently sold in the county indicates there has been an increase or decrease in the fair market value of any specific property, the tax assessor is required by law to re-determine the value of such property and increase the assessment. This is called a reassessment, said staff.
