Fayette worth $10.3 billion, Wingo reports

By J. FRANK LYNCH
jflynch@theCitizenNews.com

How much is Fayette County worth?

How about $10,296,063,260.

That's the worth of the 2004 county tax digest, reflecting a $1.89 billion increase in the fair market value of all taxable property within the county, Tax Commissioner George Wingo said Tuesday afternoon.

Wingo has released the annual register of the county's worth to the school board, county commission and city councils of each of Fayette's muncipalities, which now must advertise and then lock in their tax rates for the fiscal year.

Nearly all property owners can expect increases in some form as the county school board on Tuesday conceded it will need a tax hike of more than 1 mill to cover cuts in state funding.

Peachtree City residents will also see a tax increase, while the city of Tyrone will hold its millage rate even from the current year budget.

Fayetteville and the County Commission both rolled their tax rates back.

Of the $1.89 billion increase, $685.5 million was the result of this year's revaluations, which is required by law every three years, Wingo said.

Tax bills will be mailed starting Oct. 1 and taxes are due within 60 days, or by Dec. 1.

While Wingo's office doesn't collect sales tax, he said recent information on distribution of the 1-cent LOST funds indicates the county's retail sales this year will top the $1.6 billion mark. Wal-mart stores with two locations in the county account for about 10 percent of the total, Wingo said.