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Palmetto millage goes up

By BEN NELMS
bnelms@TheCitizen.com

Palmetto council members adopted a resolution Oct. 3 that increases property taxes 3.31 percent over the rollback millage rate. Mayor Clark Boddie told the small group in attendance that the average home would likely not see an increase unless the property has been reassessed.

“Basically what the situation amounts to is that the average home should not see an increase in their city taxes based on the rate of 4.5 mills that we currently charge,” Boddie said. “The increase is based on the reassessment of property by Fulton County on any new construction and any new homes in Palmetto. This will cause an increase in revenue through the collection of taxes, but unless your home has been reassessed by Fulton County you should not see an increase.”

Boddie said each year Fulton County Board of Assessors is required to review the assessed value of of taxable property within the city for tax purposes. When the trend of prices on property recently sold within the city indicates there has been an increase in the fair market value of any specific property, the Board of Assessors is required by law to re-determine the value of the property and increase the assessment.

Property tax categories in Georgia include residential, commercial, industrial, small-tract and large-tract agricultural. State requirements indicate that assessments of property value fall between 36-40 percent of the fair market value established by recent sales within each category. Property taxes are based on 40 percent of the fair market value of property multiplied by the millage rate. A house with a fair market value of $100,000, for example, is taxed at $40,000 multiplied by the local millage rate.