Suwanee has proposed a millage rate of 4.93 mills, the same proposed rate used in the proposed Fiscal Year 2019 budget and the same rate used by the city over the past six years.
This proposed millage rate of 4.93 is higher than the calculated rollback rate of 4.809 mills. The rollback rate is the rate that would generate the same total revenue as the previous year after removing growth added due to reassessments.
The City Council is expected to adopt the fiscal year 2019 millage rate at its August 28 meeting. Because the proposed rate is anticipated to generate a 2.52 percent increase in property tax revenues, the city will hold the second and third of three public hearings at noon and 6:30 p.m. Aug. 28 at City Hall, 330 Town Center Avenue.
The proposed tax increase for a home with a fair market value of $300,000 is approximately $30.24 and the proposed tax increase for non-homestead property with a fair market value of $720,000 is approximately $72.58.
Suwanee began the new fiscal year July 1 with a $13.4 million balanced operating budget. This year’s budget represents a 3.4 percent increase over the $12.9 million adopted budget for the recently ended 2018 fiscal year.
Information: www.Suwanee.com, click the Open Budget icon in the center of the page.
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