The good news for county homeowners is that the Cobb tax digest is projected to grow by 7.5 percent in 2018, to around $36 billion in assessed value, after a record $33 billion total in 2017.
The bad news is that growth won’t solve the estimated $30 million-$55 million Cobb government budget deficit that’s being estimated for fiscal year 2019.
UPDATE: Cobb chairman proposes revised budget, keeping parks and libraries open
What that all that means for your property tax bill depends on a number of factors, including assessments, eligibility for homestead and senior exemptions and whether or not the Cobb Board of Commissioners approves of a possible millage rate increase to help cover the deficit.
Residential property tax assessments will go out in early May, and the tax digest value is finalized in July.
Earlier projections had the Cobb tax digest rising by around 5.5 percent. Cobb budget director Bill Volckmann said that 7.5 percent growth, if that comes to pass, would add around an additional $6 million to general fund coffers.
The average home value in Cobb is now around $285,000, and the assessed value of the Atlanta Braves’ property near SunTrust Park in the Cumberland area has grown from $188 million in 2017 to $360 million this year, according to the Cobb tax assessor’s office.
In a presentation this week, tax assessor Stephen White most Cobb homeowners have a “floating” homestead exemption, which means that the assessed value of that a property remains frozen and does not increase the amount of the general fund.
“The floating homestead on the county general portion of your tax bill means your assessed value stays the same from year-to-year,” White said. “We might increase the fair market value of your home, but the assessed value on a homesteaded property stays the same from the time you purchased the property.”
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The general fund portion of the county budget pays for police, sheriff’s office, transportation, parks and libraries, courts and other general government operational expenses.
There’s a separate millage rate that funds fire and emergency services, and the Cobb County School District also levies its own millage rate.
Those categories, White said, likely will benefit from the tax digest growth. The Cobb general fund, on the other hand, is in more severe straits than the current FY 2018 budget of $405 million.
That was balanced with some program cuts and with the use of nearly $20 million in contingency funding.
Cobb Commission chairman Mike Boyce (above) is suggesting that the present general fund millage rate of 6.76 might not be enough to fund the FY 2019 budget, but he hasn’t offered any recommendations.
“We knew this $30 million hole was coming years ago,” Boyce said in a statement issued by Cobb government, “and because the floating exemption prevents the general fund from fully benefitting from the tax digest increase, the board must bring forth a millage rate that will support a quality of life Cobb residents expect.”
Already he’s come under fire for proposing a membership fee and other increased charges for senior services.
Major proposed cuts to the Cobb library system also call for the closure of the East Cobb Library, which also has resulted in a vocal outcry.
District 2 Cobb commissioner Bob Ott, whose district includes much of East Cobb, vowed that he will fight to keep open that branch, one of the busiest in the county, but is asking constituents to communicate with his colleagues about that.
He also has said he does not support any tax increase without finding other budget savings.
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