The Peachtree City Mayor and Council has announced its intention to raise property taxes by not rolling back the impact of assessment increases of property values.
Before the City Council may set a final millage rate, Georgia law requires that three public hearings be held to allow the public an opportunity to express their opinions on this increase, according to a city statement.
All concerned citizens are invited to the remaining two public hearings on this tax increase to be held at City Hall, 151 Willowbend Road, Peachtree City at 9 a.m. Aug. 18 and 6:30 p.m. Aug. 18.
The city millage rate for maintenance & operation (M & O) is scheduled to remain the same at 6.043 mills, while the city bond millage rate is scheduled to remain at 0 mills.
State law also requires governments to announce the percent increase over the rollback millage rate if property values increase.
As property values on the 2022 tax digest have increased, the rollback millage rate for M & O was calculated to be 5.366 mills.
The proposed M & O millage rate of 6.043 mills represents a 12.62% increase over the rollback millage rate.
The tax levy will generate about $19,517,063 or 17.59% more tax revenue than the 2021 levy due to the combined impact of new growth, decline in motor vehicle values and increased property values because of reassessments of existing property.
The net M & O digest value increased by a total of $483,035,472 or 17.59% from 2021 to 2022.
As real property values have increased, the M & O rollback millage rate of 5.366 is 0.677 mills lower than the current rate of 6.043.
For more information, visit peachtree-city.org.
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