The Atlanta Board of Education agreed to partially roll back the property tax rate, a move that amounts to a 5% increase because of rising property values.
The board voted Monday to set the millage rate at 20.5 mills, a decrease from the last fiscal year’s rate of 20.74 mills. But the new rate legally is considered a tax increase because the board did not drop it all the way to 19.522 mills, the level required to offset tax increases because of higher property valuations.
”A full roll-back would mean that we would need to cut our revenue projections by about $31 million,” the district states in a budget presentation.
The owner of a $325,000 home with a homestead exemption will pay an estimated $37 more a year than if the rate had been lowered all the way to 19.522 mills, according to APS.
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