The Peachtree City Mayor and Council today announces today its intention to raise property taxes by not rolling back the impact of assessment increases of property values.
The city millage rate for Maintenance & Operation (M & O) is scheduled to remain the same at 6.043 mills, while the City Bond millage rate is scheduled to remain at 0.000 mills.
State law also requires governments to announce the percent increase over the roll-back millage rate if property values increase. As property values on the 2022 tax digest have increased, the roll-back millage rate for M & O was calculated to be 5.366 mills. The proposed M & O millage rate of 6.043 mills represents a 12.62% increase over the roll-back millage rate.
The tax levy will generate approximately $19,517,063 or 17.59% more tax revenue than the 2021 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 net M & O digest value increased by a total of $483,035,472 or 17.59% from 2021 to 2022.
Each year, the Tax Assessors 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 Assessors Office is required by law to re-determine the value of such property and increase the assessment. This is called a reassessment.
When the total digest of taxable property is prepared, Georgia law requires 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 M & O rollback millage rate of 5.366 is 0.677 mills lower than the current rate of 6.043.
Before City Council may set a final millage rate, Georgia Law requires that three public hearings be held to allow the public an opportunity to express their opinions on this increase. All concerned citizens are invited to the public hearings on this tax increase, to be held at City Hall, 151 Willowbend Road in Peachtree City on the following dates:
• Public Hearing: Thursday, August 11, 2022, at 9:00 a.m.
• Public Hearing: Thursday, August 18, 2022, at 9:00 a.m.
• Public Hearing & Tentative Adoption: Thursday, August 18, 2022, at 6:30 p.m.
[Public hearing dates have been been corrected to reflect that the hearings are all on Thursdays, NOT Tuesdays.]