Calculating Your Tax Bill - WALB.com, Albany News, Weather, Sports

Calculating Your Tax Bill

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October 23, 2007

Albany -- Tuesday night, Albany city commissioners decided roll back their property tax rate. That's good news for some, but a majority of you will still pay more taxes this year due to property reassessments.

Many of you have spoken, protesting and packing meetings to speak out against dishing out more money in taxes. It's part of the reason commissioners decided Tuesday night to roll back its millage rate from 10.777 to 9.159.

The School Board already dropped its rate about half a point and Wednesday County Commissioners plan to reduce their millage rate as well.

"We had already said that we were not going to increase the taxes," says Commissioner Tommie Postell.

But don't jump up and down yet.

"More people than not had some sort of increase on their properties," says Tax Director Denver Hooten.

"Most properties unless it has an exemption are taxed at 40 percent of that fair market value," she says.

So for example, if the fair market value of your home is $100,000, only $40,000 of that will be taxed.

Here's how you calculate it. If you live in the city limits, your total city, county, and school millage is 40.256. Multiply that by $40,000. Your taxes comes out to a $1,610.24.

If you live in the county, outside city limits, your total rate is 38.372. Again multiply that by $40,000. Your taxes would be $1,534.88.

Here's the bottom line. The total city rate is going down by 6.7 percent. The total county rate should decrease by 4.4 percent. But if the value of your property increased by more than that percentage, your reassessment will offset the millage rate rollback and you'll still see a higher tax bill.

"My taxes went up. I don't think we got what we should've gotten. Although were stuck with it to a point," Commissioner Postell says.

But now you'll know how to figure it before you get your tax bill next month. 

Dougherty County Commissioners scheduled a special meeting Wednesday to approve the final part of that millage rate puzzle.  

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