Hearings announced for proposed property tax hike - WALB.com, South Georgia News, Weather, Sports

Hearings announced for proposed property tax hike

(WALB image) (WALB image)
ALBANY, GA (WALB) -

The Albany City Commission announced its intention to increase the property taxes in the city by 0.04%, instead of rolling back its millage rate.

Equalling four cents on ten dollars of property value, it is a small increase, but still requires public hearings. 

Dougherty Co. choose not to raise its mileage rate, and is losing roughly $20,000, due to state mandated 'rollbacks.'

Concerned citizens are invited to the public hearings on this tax increase to be held in Room 100 at the Government Center, 222 Pine Ave, Albany, Georgia on Tuesday July 18, 2017 at 10:00 AM, Tuesday July 25, 2017 at 1:00 PM and 6:30 PM on Tuesday July 25, 2017.

In a release, the city said that each year, the board of tax assessors is required to review the assessed value for property tax purposes of taxable property in the county.

When the trend of prices on properties that have recently sold in the county indicate there has been an increase in the fair market value of any specific property, the board of tax assessors is required by law to redetermine the value of the property and adjust the assessment.  This is called a reassessment.

When the total digest of taxable property is prepared, Georgia law requires that a rollback millage rate must be computed that will produce the same total revenue on the current year’s digest that last year’s millage rate would have produced had no reassessments occurred.

The budget tentatively adopted by the City of Albany requires that a millage rate higher than the rollback millage rate, therefore, before the Dougherty County Board of Commissioners finalizes the tentative budget and set a final millage rate, Georgia law requires three public hearings to be held to allow the public an opportunity to express their opinions on the increase.

Copyright 2017 WALB. All rights reserved. 

Report an error | Submit a tip to WALB News 10

Powered by Frankly