The Thomasville City Board of Education today announces its intention to increase the property taxes it will levy this year by 12.79% over the rollback millage rate.
Each year, the board of tax assessors is required to review the assessed value for property tax purposes of taxable property in the city. When the trend of prices on properties that have recently sold in the city indicate there has been an increase in the fair market value of any specific property, the board of tax assessors is required by law to re-determine the value of such property and adjust the assessment. This is called reassessment.
When the total digest of taxable property is prepared, Georgia Law requires that a rollback millage rate must be computed that will produce the same total revenue on the current year’s digest that last year’s millage rate would have produced had no reassessments occurred.
The budget tentatively adopted by the Thomasville City Board of Education requires that a millage rate higher than the rollback rate, therefore, before the Thomasville City Board of Education may finalize the tentative budget and set a final millage rate, Georgia law requires three public hearing to be held to allow the public an opportunity to express their opinions on the increase.