Tyrone property owners should expect a likely ad valorem tax increase this year, according to a news release from the town.
The mayor and Town Council of the Town of Tyrone, Georgia have announced their intention to increase the collection of property taxes in 2023 by 9.4%.
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, according to a news release from the town.
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 2.626 mills.
Georgia law requires that unless a government rolls back its millage rate to a number of mills that will produce the same number of dollars in property tax revenue as the prior year, public hearings are required for any tax increase produced by keeping the same millage rate.
The Town’s millage has been at this rate for sixteen years, despite vast fluctuations in economic factors, the news release said. The proposed increase in property tax revenue, year over year, amounts to $160,566 or 9.41%. The total number of dollars anticipated to be collected in property tax for 2023 is $1,866,456.
Before the Town Council can set a final millage rate at a council meeting on August 17, 2023 at 7 p.m., 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 the Tyrone Municipal Complex, 950 Senoia Road, on the following dates and times: Thursday, August 10, at 9 a.m.; Tuesday, August 15, at 5 p.m.; and Thursday, August 17, at 6:30 p.m.