Floyd County announces proposed property tax increase
July 8, 2018--12:19 a.m.
The Floyd County Board of Commissioners today announced its intention to increase the 2018 property taxes it will levy this year by 1.54% over the rollback millage rate.
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 re-determine the value of such 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 reassessment occurred.
This tentative increase will result in a millage rate of 9.487 mills, an increase of .144 mills. Without this tentative tax increase, the millage rate will be no more than 9.343 mills. The proposed tax increase for a home with a fair market value of $125,000.00 is approximately $9 and the proposed tax increase for non-homestead property with a fair market value of $100,000.00 is approximately $7.
All concerned citizens are invited to the public hearings on this tax increase to be held at the County Administration Building, 12 East 4th Avenue, Rome, Georgia on Tuesday, July 10, 2018, at 6:00 PM, Tuesday, July 24, 2018 at 8:00 AM, and Tuesday, July 24, 2018 at 6:00 PM.