The Atlanta school board voted to hold steady the property tax rate, a move that amounts to a 5.2% tax increase because of higher home values.
The board on Monday unanimously voted to maintain the current tax rate of 20.74 mills. Even though the rate will not change, it’s legally considered a tax increase since APS would have had to reduce the rate to 19.715 mills to offset tax increases because of higher property valuations.
Lisa Bracken, the district’s chief financial officer, estimated the district would lose out on $8 to $12 million in tax revenue should the district roll back the rate to that lower level.
She said that additional funding is needed to help cover salary increases for teachers and other employees plus other initiatives.
The impact on property owners depends on if they qualify for a tax break through a homestead exemption. A taxpayer who owns and occupies a home valued at $300,000 will pay an estimated $72 more than they would have if the rate had been rolled back this year, while a taxpayer who doesn’t qualify for the exemption will pay an extra $123, according to APS numbers.
This story has been updated.
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