Peachtree City is decreasing its property tax rate for the coming year. The City Council voted 5-0 on Aug. 19 to adopt a millage rate of 6.043 mills for maintenance and operations, which is 0.189 mills lower than the current year. That “rollback rate” is meant to offset reassessments of existing property, so that the new rate is neither an increase nor a decrease in actual taxes. Financial Services Director Paul Salvatore said the newly lowered rate was already factored into the city’s recently adopted budget for FY2022, and that the bond millage will remain at zero.
The city estimates that the new tax rate will generate $16.6 million of revenue next year. The previous 6.232 millage rate had stayed the same from 2017 to 2020. The city’s general fund balance is expected to remain at about $20 million for the next several years, which is 14% above the required minimum of 31% of the total budget.
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