Property Tax Advertisement Requirements - PowerPoint PPT Presentation

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Property Tax Advertisement Requirements

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  1. Property Tax Advertisement Requirements Dena Bosten June 26,2014

  2. Current Advertisement

  3. Factors that Influence Property Tax • Millage rate set by BOC • Exemptions • Property Value • Increases in assessed property value have triggered advertisement requirements

  4. Millage Rate Calculation • Must determine rollback rate • Rollback rate – rate that will generate the same amount of revenue as previous tax year • Current year’s calculated rollback rate (7.488 mills) exceeds current years proposed millage rate (8.138 mills) by 0.65 mills • Current proposed millage rate will generate 8.68 % more property tax revenue than last year • If proposed millage rate exceeds rollback millage rate, O.C.G.A. § 48-5-32.1 requirements must be met

  5. Millage Rate History • Current proposed millage rate (8.138 mills) has been the same since 2004 • Property tax revenue has declined since 2009 • During years of decline, roll-up option was not exercised • millage rate would have exceeded 8.138 mills • Approximately $3.8 million, or 36%, decline in property tax revenue

  6. O.C.G.A. § 48-5-32.1 Requirements • Issue Press Release • Advertise for three public hearings at least one week prior to hearing in paper and on official county website • Hold three public hearings for public comment regarding proposed millage rate • One of three public hearings must begin between hours of 6PM and 7PM

  7. Hearing Times and Dates • June 26, 2014 following 4 P.M. Work Session • July 3, 2014 at 6 P.M. • July 17, 2014 at 6 P.M. • Millage will also be set on this date

  8. Upcoming Advertisement O.C.G.A. § 48-5-32requires levying and recommending authority to publish five year digest history with proposed digest for current year Must indicate percentage and dollar increase (decrease) for each year Expected publish dates July 2, 2014 and July 9, 2014