The Peachtree City Council unanimously approved the millage rate hike Thursday night
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.
Finance Director Paul Salvatore said the net impact on a $200,000 home would be $1.04 and $2.08 for a $400,000 home.
City Manager Jon Rorie said Thursday night that this was a “manager’s budget” and he felt comfortable with the millage hike. Using SPLOST funds to pay for routine city projects is poor fiscal policy, Rorie added.
