Wednesday, Aug. 10, 2005 | ||
Bad Links? | Fayette is only govt. saying no to tax increaseBy JOHN MUNFORD Reassessments of existing property will add up to some extra money for local governments this year. The Fayette County Commission is the exception, however, since it was the only local agency rolling back its millage rate to give property owners a tax break due to the reassessed home values. Theoretically, the rollback means that homeowners will pay nearly the same dollar amount in county property taxes this year as last, despite the assessed values of their homes having risen. Fayetteville and Tyrone officials have declined to roll back their millage rates for reassessments, meaning their residents property tax bills will be going up. The Fayette County Board of Education rolled back its millage rate slightly, but not enough to cover the reassessment increases. The Peachtree City Council is expected to vote at a meeting in the near future for a tax increase by holding its millage rate instead of rolling it back to cover increases tied to reassessments. All told, the property reassessments will provide: An extra $2.47 million for the Board of Education. An extra $342,663 for Peachtree City (if the city holds its millage rate as expected). An extra $65,019 for Fayetteville. An extra $34,539 for Tyrone. In all those jurisdictions, property owners whose assessments were increased by the county Board of Tax Assessors will pay more taxes. Even though the county government is rolling back its millage rate to avoid the reassessment increase, it will still get an additional $1.287 million due to new growth, much of which is attributed to newly built homes and businesses in addition to new improvements to existing homes and businesses. |
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