Tuesday, June 10, 2014

City shares tax info during annexation meeting

City staff [from left, Andrea Arnold, Russ Madison, and Shaun Shabazz] discuss taxes and homestead exemptions with Parkwood resident during recent Q&A session

School and City staff from all departments including Administrative Services and the Revenue Division discussed property taxes and homestead exemptions with residents from Parkwood neighborhood during a Jun. 5 meeting at City Hall.

Although Parkwood’s annexation will become effective July 1, 2014, residents in the area will receive their normal tax bill in the fall from DeKalb County and no tax bill from Decatur in 2014.  Property taxes are always based on the status of the property as of January 1, and as of that date the homes were still in unincorporated DeKalb.

Parkwood residents will receive their first tax bill from Decatur in April 2015 during our 1st installment 2015 billing.  We do not send individual bills to mortgage companies, so property owners should forward the bills to their lenders if paying taxes out of escrow.

I prepared a table showing how taxes may look over the next 18 months for these homeowners based on a few different property values in the neighborhood.  These estimates assume current millage rates, fees, steady property values, and a basic homestead exemption with the City and County.

100% County value
DeKalb 2014 bill
Decatur 1st install 2015 bill
Decatur 2nd install 2015 bill
DeKalb 2015 bill

For a more precise estimate, tax calculators are available on this blog and at www.decaturga.com under “What’s New,” then “Annexation.”

Homestead exemptions are applied for separately with the County and the City.  Exemptions only have to be applied for once, and they renew automatically as long as there are no changes in ownership.  The Parkwood residents should apply for their exemption with the City prior to Mar. 15. 2015.  Our office will send a letter to the neighborhood explaining how Decatur’s exemptions work.

The last item that these new residents may need to know from our office is that any individuals with a home-based business would need to obtain a business license from the City pro-rated this year for $110, and $195 annually after that.

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