Even an estimated 7.5 percent increase to Cobb’s tax digest won’t be enough to erase a $30 to $55 million budget deficit, county officials said in a statement Thursday.
The county announced the highest percentage increase to the tax digest since the recession, with the average sales price of a home in Cobb surpassing $285,000.
While the increase is expected to be a boon for schools and the fire fund, the county general fund will see less benefit due to the high number of homestead exemptions.
Chairman Mike Boyce dropped a heavy hint that he would bring forward a proposed tax increase to bridge the gap.
"We knew this $30 million hole was coming years ago, and because the floating exemption prevents the general fund from fully benefiting from the tax digest increase, the board must bring forth a millage rate that will support a quality of life Cobb residents expect,” he said.
Read our in-depth reporting on how the county found itself in a fiscal crunch despite a growing economy: Braves stadium hardly a home run for Cobb taxpayers
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