Monday, June 20, 2016

Decatur adopts millage rate for 2016

The City Commission approved millage rates for 2016 during its meeting Monday night. The general fund millage rate is decreasing from 9.7 mills in 2015 to 9.3 mills in 2016. The other millage rates for city taxes are the same as they were for the 1st installment property tax billing of 2016.  The rates are shown below:

General fund (operations):  9.3 mills
Capital improvements:  1.0 mills
Downtown Development Authority:  0.38 mills
Bond service:  0.92 mills
Bond (school) service:  1.57 mills

Although the general fund millage rate is decreasing, a tax increase was advertised under the requirements of Georgia law because rising assessments are projected to offset the lower tax rate. The city property tax bill (for a property that didn’t change in value since last year) would decrease by about $40 per $100,000 in assessed value because of the lower rate. For example, the bill for a property assessed at $200,000 ($400,000 fair market value) would decrease by $80 if there were no change in value since last year.

The school millage rate remains to be determined by the school board. Last year the school rate was 18.66 mills.

No comments:

Post a Comment