Cobb lowers tax rate

Cobb commissioners lowed the property tax rate during a special meeting Wednesday, to 7.12 mills from 7.32.

Despite the lower rate, the move is still considered a tax hike because higher property values will bring in more revenue than the previous year. The new rate, which will be reflected on tax bills sent out this fall, will generate about $4.5 million more than the higher rate last year.

It was approved 4-0, with Commissioner Bob Ott absent.

Commissioners also set rates for the special tax district in Cumberland that will help fund SunTrust Park. That rate, which is intended to generate $5.1 million annually and only impacts businesses in the district, was set at 2.6 mills.

Millage rates are multiplied against the taxable value of homes or businesses to derive the amount of property taxes owed.

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