Chairman Mike Boyce’s proposal to keep the county’s property tax rate steady will result in a tax increase of 4.52% in its general fund, the county announced Tuesday.
The announcement comes after last week’s approval by the Cobb County Board of Tax Assessors of the 2019 county tax digest, which grew by nearly 6.2% to a record-high $39 billion. The digest represents the total assessed value of all taxable commercial, residential and personal property in the county. A property’s assessed value is 40% of its fair market value and is the figure used to calculate property tax bills.
When the digest is prepared, Georgia law requires the computation of a “rollback” millage rate, or the tax rate the county would have to levy in order to collect the same amount of revenue as it did the previous year.
Because the proposed general fund millage of 8.46 is higher than the rollback rate, Georgia law requires that the county hold three hearings to allow the public a chance to weigh in on the issue.
Boyce’s proposed $474.8 million general fund budget for fiscal 2020 would bring in $20.6 million more in revenue — a 4.5% increase — than last year’s fiscal 2019 general fund budget of $454.2 million.
All three public hearings will be held in the Board of Commissioners meeting room at 100 Cherokee St., and will be at 9 a.m. July 9, 6:30 p.m. July 16 and 7 p.m. July 23.
Later this month, commissioners will also consider maintaining the fire fund millage rate at 2.86; the debt service (bond fund) millage at 0.13, and two rates that only apply within two special tax districts within the county.
Those two rates are the Cumberland Special Services District II millage rate at 2.45, and the 3.5 mills levied within a similar special tax district, the Six Flags Special Services District in south Cobb.
The former applies to nonresidential properties within the special service district, which roughly follows the boundaries of the Cumberland Community Improvement District, with the additional property tax used to help pay for the construction bonds on SunTrust Park. The funds raised by the latter are used to redevelop the area; nearly all of the property within the tax district is commercial.
The property tax rates are scheduled to be voted on at commissioners’ July 23 meeting.