Tyrone’s millage rate has held steady at 2.889 mills for nearly a decade. The same rate will be applied to the 2015 tax rate but will amount to a tax increase due to an increase in property values in the absence of a rollback.
As was the case across Fayette County, the value of real and personal property began increasing this year after years of decreasing values brought on by the Great Recession. In Tyrone, property values increased by approximately 10 percent. That percentage equates to $102,872.
Georgia law requires that governments rollback their millage rate to a number of mills that will produce the same number of dollars in property tax revenue from the prior year. Tyrone’s millage rollback would be 2.626 mills.
Keeping the millage rate at 2.889 mills essentially means that taxes will increase due to the increase in property values.
In lieu of the rollback the council is required to conduct pubic hearings on the increase.
To that end, the Town Council will hold three public hearings on the increase.
Those meetings will be held on Aug. 13 at 9 a.m. and 5 p.m. and on Aug. 20 at 6:30 p.m.
Each meeting will be held in the council chambers at Town Hall.
