Sandy Springs property taxes to increase despite same millage rate

Increasing property values and a growing tax digest will require the City of Sandy Springs to advertise a property tax hike, though the millage rate will remain the same as it’s been since the city’s incorporation 20 years ago. The property taxes will increase by less than one percent over the rollback millage rate. 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 city’s proposed rate is 0.71 percent higher than the rollback rate. The millage rate is 4.731 mills, which is the rate established in the Sandy Springs City Charter. Any change requires voter approval. Related stories:• Fulton property owners oppose tax hike proposal• Brookhaven adopts millage rates despite Emory’s objections• DeKalb Schools propose millage rate cut, but property values drive tax increase The Fulton County Board of Tax Assessors annually reviews the assessed value for property tax purposes of taxable property in the county, the release said. When the trend of prices on properties that have recently sold in the county indicates there has been an increase in the fair market value of any specific property, the board of tax assessors is required by law to re-determine the value of such property and adjust the assessment.                                                                                                                             The budget tentatively adopted by the mayor and city council requires a millage rate higher than the rollback millage rate. State law requires the city council to hold three public hearings to give the public an opportunity to express opinions on the increase. The hearings are held before the city council sets a tentative budget and a final millage rate. The public hearings on the millage rate and tax increase will be held at Sandy Springs City Hall, 1 Galambos Way, Sandy Springs. The dates and times will be: Aug. 5 – 8:30 a.m. and 5 p.m. Aug. 19 – 6 p.m. The post Sandy Springs property taxes to increase despite same millage rate appeared first on Rough Draft Atlanta.