The Peachtree City Council passed a $37 million budget Thursday night, and now will hold public hearings on a proposed 1.8 percent property tax hike.
The city millage rate for maintenance & operation (M & O) is scheduled to remain the same while the city bond millage rate is scheduled to decrease from 0.273 mills to 0.176 mills. The M & O millage rate will be set at the current rate of 6.232 mills and the bond millage rate will be set at 0.176 mills. The two millage rates, added together, will total 6.408 mills.
The combined levy of both the bond and M & O will generate approximately $14,870,228 or 2.62 percent more tax revenue than the 2017 levy, due to the combined impact of new growth, decline in motor vehicle values, and increased property values due to reassessments of existing property.
The millage hearings are set for Aug. 7 at 7:30 a.m. and 6 p.m. and Aug. 16 at 6:30 p.m.
