Millage rate to stay same, but revenue going up 2.56 percent

While Peachtree City isn’t raising its millage rate, it will stay the same thus effecting a property tax increase on all reassessed properties.

The city intends to adopt a 5.533 millage rate, for 2008, the same as last year, officials said Wednesday. But to avoid a property tax increased due to the reassessments, the city would be required to roll the millage rate back to 4.976.

The millage rate will net the city 2.56 percent more than last year for a total of $10.49 million, but that figure reflects new growth in the property tax digest for this year.

Because the city is not rolling back the millage rate, it will hold three public hearings on the proposed property tax increase. Two of the hearings will occur Wednesday, July 30: one at 7:30 a.m. and the other at 6 p.m. The final meeting will be Thursday, Aug. 7 at 7 p.m.

All three meetings will be at City Hall.

Though the city sets the millage rate, the process of determining the value of parcels and buildings is up to the Fayette County Tax Assessors Office.

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