The Buford Board of Commissioners is set to adopt a millage rate of 12.80 mills for 2017, an increase of .580 mills over the rollback rate, which will result in an increase in property taxes of 4.75 percent.
The proposed tax increase for a home with a fair market value of $200,000 is approximately $46.40 and the proposed tax increase for non-homestead property with a fair market value of $550,000 is approximately $127.60.
When the total digest of taxable property is prepared, Georgia law requires a rollback rate must be computed to produce the same total revenue that last year’s millage rate would have produced had no reassessments occurred. When a city does not adopt the rollback rate, they must hold three public hearings on the tax increase.
Buford will conduct the second and third of these hearings at 10 a.m. and 7 p.m. Aug. 7 at City Hall, 2300 Buford Highway.
Information: www.cityofbuford.com.
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