Wednesday, September 25, 2002
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Wednesday, September 25, 2002 |
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Fayetteville setting 2003 millage
By CAROLYN
CARY
The first public hearing for the city of Fayetteville's FY2003 budget was among the items on the Sept. 19 City Council agenda, but because of a change in information from the tax commissioner's office, the first public reading will be Oct. 3. The millage is down to 3.11 mills from last year's 3.22. The General Fund represents 2.36 mills and the Capital Projects Fund takes the remaining .75 mills. Although the millage rate has decreased, in accordance with the Taxpayers Bill of Rights, the new rate represents a tax increase of 4.86 percent over the 2001 millage, due to the reassessment increase in the city's property tax digest. Overall, a study of the past 10 years shows a constant decrease in the millage rate. In 1993, it was 5.98, nearly double the rate for the coming year. Except for 2000 and 2001, when it stayed the same, there has been a decrease every year during the past 10. The Homestead Tax Relief Grant comes into play this year, having been enacted by the Georgia General Assembly and signed by Gov. Roy Barnes. Those eligible are persons qualified and receiving basic state $2,000 homestead exemption or greater; they must own and live in the home; and they must be a legal resident for all purposes. The credit is equivalent to an additional $8,000 homestead exemption; an actual credit amount will equal $8 per mill levied; and plans are to increase the credit $2,000 per year over the next five years to a total of $18,000. An example of the digest tax calculation with the Homestead Tax Relief Grant Credits is as follows: In 2002, with the 3.22 millage rate, a $150,000 home at an assessed value of 40 percent at $60,000 paid a total of $193.20 per thousand. At the 2003 rate, the home, now valued at $163,905 with an assessed value at 40 percent and the HTRG credit of $24.88, will pay at a tax rate of $179.02. The council's work session is tomorrow at 7:30 p.m. in the council chambers at City Hall.
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