Peachtree City will hold the first of three public meetings Wednesday morning so residents can express opinions on a proposed property tax increase.

City officials announced last week plans to raise taxes based on the reassessed values of existing properties.

Peachtree City has no plans to raise its 5.533 millage rate when the City Council adopts the 2009 fiscal budget that will go into effect Oct. 1.

Property assessments, however, have risen since last year, meaning the millage rate will net the city 2.56 percent more than last year's levy for a total of nearly $10.5 million. The city's total budget will surpass $27 million.

Peachtree City is required by state law to allow the public to speak on the matter.

The first two meetings will take place at 7:30 a.m. and 6 p.m. Wednesday.

The final hearing will take place at 7 p.m. Aug. 7 before the City Council's expected vote on the matter. Each meeting will take place at City Hall.

Peachtree City is expected to end the 2008 fiscal year roughly $300,000 in the red, said Paul Salvatore, the city's financial services director. Salvatore attributed the deficit to a local option sales tax that raised about $1 million less than expected.