Cherokee holding hearings on tax rate

For the owner of a $482,300 residence, there would be an overall annual increase of $17 in the tax rate if approved by the Cherokee County Board of Commissioners during its 6 p.m. meeting on July 19. (Courtesy of Cherokee County)

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For the owner of a $482,300 residence, there would be an overall annual increase of $17 in the tax rate if approved by the Cherokee County Board of Commissioners during its 6 p.m. meeting on July 19. (Courtesy of Cherokee County)

The Cherokee County Board of Commissioners will hold three public hearings on the tax rate to fund the county’s 2023 budget.

Hearings by the commissioners will be at 6 p.m. July 5 and 11 a.m. and 6 p.m. July 19.

The board is expected to adopt the three millage rates during the 6 p.m. July 19 meeting.

As an example, now valued at $482,300, a Cherokee residence experienced a 20% increase in value from 2021-22.

That owner will see a decrease of $27 for the county M&O rate, a $46 increase for the fire fund and a $2 decrease for the parks bond for an overall annual increase of $17.

The advertised rate for Maintenance and Operations is 4.995 - down 4.2% from the current millage rate of 5.212 mills.

One mill is equal to $1 per $1,000 of assessed value; a property’s assessed value is 40% of its fair market value.

About 61% of the residential properties in Cherokee County have a homestead exemption.

Information: cherokeega.com