Powder Springs to hold meetings on proposed millage rate increases
The Mayor and Council of the City of Powder Springs announced last week that that it will establish a Millage Rate of 9.50 mills for 2021 at a meeting on Monday July 19, 2021.
The FY22 Budget adopted by the City of Powder Springs City Council requires a millage rate of 9.50 mills. Projected tax collections for 2021 will be 6.12% higher based on the applicable rollback millage rate as calculated by Georgia Law. This is attributable to increased property values and additions to the City of Powder Springs tax digest.
Before the City of Powder Springs can set a final millage rate, Georgia Law requires that three public hearings be held to allow the public an opportunity to express their opinions regarding the proposed increase. All concerned citizens are invited to the three public hearings on this tax increase.
Hearing 1 will be held in the Municipal Courtroom located within the Powder Springs Municipal Court Building at 4483 Pineview Drive on Monday July 12, 2021 at Noon.
The proposed millage rate is the same rate as the previous three years 2018, 2019, and 2020. Each year, the Cobb County Board of Tax Assessors is required to review the assessed value for property tax purposes of taxable property in the City. When the trend of prices on properties that have recently sold in the city indicate there has been an increase in the fair market value of any specific property, the board of tax assessors is required by law to re-determine the value of such property and adjust the assessment, which is called a reassessment. When the total digest of taxable property is prepared, Georgia law requires that a rollback millage rate must be computed that will produce the same total revenue on the current year’s digest that last year’s millage rate would have produced had no reassessment occurred.
For more information, go to: https://www.cityofpowdersprings.org/821/2021-Millage-Rate