Tyrone holds the line on tax millage rate
The Tyrone Town Council on Aug. 21 held with tradition and did not raise the millage rate on property taxes. That said, the 2.889-mill tax rate amounts to an increase since more revenue will be generated because property values have increased.
The millage rate was approved by unanimous vote. The increase in property tax revenue is projected to be $14,229, a 1.8 percent increase. The total number of dollars anticipated to be collected in property tax for 2014 is $920,468, according to Town Manager Kyle Hood.
“During budget preparation, the town committed to maintaining its maintenance and operations millage rate at the 2.889 mills that it had been for the better part of the past decade. However, for the first time in several years, the assessed value of the new construction and existing real and personal properties within the town limits have increased and a roll-back millage was calculated at 2.838 mills,” Hood said in a previous statement.
Hood said Georgia law requires that a government rollback the millage rate to the number of mills that will produce the same number of dollars in revenue from the year before. Despite the decreasing valuation of the properties in Tyrone over the past five to six years, the mayor and Town Council relied on the same millage rate.