Due to a rise in assessed property values in the county, the Cobb School District will be collecting an additional $32.2 million in tax revenue while the Marietta School District will be taking in an additional $3.3 million over last year.
Cobb and Marietta City Schools will hold their millage rates steady, spurring an increase in taxes for some property owners who have seen their property values rise. Under state law, governments are required to advertise the effective increase.
In order to offset the increase in property tax revenues, the school districts would have to implement a millage “rollback.” No such rollback is planned by either school board.
Marietta Schools’ fiscal 2022 budget adopted by its board requires a millage rate of 17.97. The rollback rate would have been 16.88 mills.
The 17.97 millage rate is the same as last year’s, but a property tax digest growth of 8% over last year has led to the expected budget increase of $3.3 million, according to Erin Franklin, chief finance officer for the district.
Maintaining the millage rate will mean that the owner of a $325,000 home will pay $136.58 more in property taxes than they did last year, if their property value increased with the digest, Franklin said.
In Cobb, maintaining the millage rate of 18.9 mills will bring in an estimated $32.2 million more than last year, thanks to a property tax digest growth of 5.73%, according to Cobb Schools Chief Finance Officer Brad Johnson.
The owner of a $325,000 home can expect to pay $140 more on their property taxes this year than last, assuming their property increased with the tax digest’s growth, Johnson said. He said the rollback millage rate for the district would have been 18.047 mills.
Marietta schools will hold a hearing on its millage rate at 6 p.m. on Tuesday, July 20, at the district central office, 250 Howard St. Marietta.
Cobb Schools will hold a hearing at 6:30 p.m. on Thursday at the district central office board room, 514 Glover St., Marietta.