After holding its first property tax hearing on July 18, the city of Norcross is considering lowering the rate used to calculate taxes, Norcross city manager Eric Johnson said.
The city tentatively adopted a millage rate of 6.749 — the same as last year, which would be a 21% increase in revenue because of soaring home values.
A lowering of the proposed rate, to 6.249, would save Norcross taxpayers a collective $600,000 in the coming year.
The property tax rates, or “millage,” equals $1 of tax for each $1,000 of assessed property value.
“We’re looking at lowering the millage rate to soften the impact of higher values on taxpayers in the city of Norcross,” Johnson said.
The city will hold two more hearings on Aug.1, at 11 a.m. and 6:30 p.m.
The city budget will be adopted at the regularly scheduled council meeting on Aug. 1, an announcement said. The city is expected to pass a budget of $44.5 million, Johnson said.
