The Fayetteville City Council on Aug. 15 held the first two public hearings on the 2019 millage rate, which will translate to a 4.23 percent increase in property taxes. The new rate will be adopted on Aug. 29.
Finance Director Mike Bush said staff is recommending that the millage rate be maintained at 5.646 mills, which is .229 mills more than the rollback rate and will represent a millage increase of 4.23 percent.
Bush said the increase would result in generating $367,333 more than in 2018.
Citing an example of the impact of homeowners, a home with a fair market value of $200,000 would see an increase of $18.32.
Bush said that out of each $1 of property taxes paid by Fayetteville property owners, 18 cents goes to the city. The large majority goes to the school system, with a much smaller percentage going to Fayette County.
Bush added that if a home’s fair market value did not change from 2018 to 2019, the property taxes would go down due to the partial rollback by the Fayette County Board of Education. While not a full rollback, the school board decreasing its millage rate to 19.25 mills, down a quarter mill.
The council will conduct the final public hearing, and adopt the millage, on Aug. 29.
