While the fiscal year 2021 budget to be proposed next week will not include an increase in the millage rate, it also won’t include a “rollback” millage rate to counter a rise in the county’s tax digest.
That’s why Cobb government is required by law to announce a proposed property tax increase of 3.66 percent in the general fund, when public hearings also begin next week.
The budget proposal and tax digest details are to be presented to the Cobb Board of Commissioners at a work session on Monday, with public hearings starting on Tuesday.
Cobb Commission Chairman Mike Boyce has said he wants to maintain the current general fund millage rate of 8.46 mills. The budget commissioners will adopt later this month includes other services with their own millage rates, and the proposals are as follows:
- Fire, 2.86 mills;
- Debt Service (Bond Fund), 0.13 mills;
- Cumberland Special Services District II, 2.45 mills;
- Six Flags Special Service District, 3.50 mills.
The general fund “rollback” rate—what would produce the same total tax revenue from the current digest without reassessments—is 8.161 mills. If adopted as proposed, the increase would come to an increase of 0.299 mills.
A home with a fair market value of $300,000 would have an annual increase of $32.89. A non-homestead home with a fair market value of $425,000 would see an increase of $50.83.
The county said in a statement issued Tuesday that “the continued recovery of the Cobb real estate market is the primary reason for this modest growth in property values and this corresponding increase in the county’s property tax digest.”
The current tax digest is a record $39 billion. The general fund budget for FY 2020 is $475 million. The public hearings are scheduled as follows:
Here’s the full budget and millage rate public hearing schedule, and keep in mind there are three separate hearings each for the budget and millage rate:
- Monday, July 13, 2 p.m.—Recommended FY 2021 budget presented to commissioners at work session
- Tuesday, July 14, 9 a.m.—First public hearing
- Tuesday, July 21, 6:30 p.m.—Second public hearing
- Tuesday, July 28, 7 p.m.—Third public hearing and board adoption
That last meeting is also slated for final budget adoption. More Cobb budget information can be found here.
Here’s more from the Cobb Tax Commissioners Office on the county’s millage rate history, and the millage rates compared to the six cities in the county.
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I wish my income had increase at the same rate my Cobb County property taxes have.