Some cities in Newton County have announced their intentions to increase property taxes this year because the current property tax rates they plan to keep in place will produce additional revenue from rising property values.
COVINGTON: Covington City Council has set public hearings for July 25 at 10 a.m. and 6 p.m., and Aug. 1 at 10 a.m., on setting its property tax rate which will result in a 9.69% increase.
The city is proposing keeping its current property tax rate of 6.884 mills, which is 0.608 mills above the rollback rate of 6.276 mills. It will produce $6.39 million, a $574,279 increase from $5.8 million received last year.
The proposed increase for a home valued at $175,000 would be $68.83, according to a notice from the city.
The city’s tax digest increased by $83 million between 2021 and 2022. The digest is the assessed value of all taxable property within the city.
The rollback rate is one 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.
OXFORD: The city of Oxford announced its intention to increase the 2022 property taxes by 30.75% over the rollback millage rate.
Residents are invited to public hearings at Oxford City Hall at 110 W. Clark St. in Oxford. The next one is Aug. 1 at 6:30 p.m.
A millage rate of 5.444 mills represents an increase of 1.254 mills over the rollback rate of 4.19 mills. The proposed tax increase for a home with a fair market value of $100,000 is approximately $37.62 and the proposed tax increase for non-homestead property with a fair market value of $100,000 is approximately $50.16.
Its tax digest increased by almost $8 million in one year — from $25.89 million in 2021 to $33.85 million in 2022.
PORTERDALE: Porterdale City Council announced its intention to increase the 2021 property taxes it will levy this year by 30% over the rollback millage rate by leaving its property tax rate at the same level.
The rate of 14.072 mills represents an increase of 3.247 mills over the rollback rate of 10.825 mills.
The Council plans to finalize its tentative budget and set a final millage rate after public hearings on July 25 at 10 a.m. and 6:30 p.m.; and Aug. 1 at 6 p.m.
The city’s tax digest increased by more than $12 million, from $35.7 million in 2021 to $47.4 million in 2022.
SOCIAL CIRCLE: The Social Circle City Council scheduled public hearings for Tuesday of this week and on Aug. 16 at 6:30 p.m. on its proposed 7.9-mill property tax rate.
The council will hear from the public Aug. 16 at 6:30 p.m. in the Community Room at 138 E Hightower Trail.
The total city budget is $26 million for the 2022 fiscal year. A millage rate is being considered that would provide $2 million from property taxes, a notice from the city stated.
“A stable property tax income is necessary in order to continue to provide essential city services such as police, fire and street maintenance. The balance of revenues comes from local option sales tax, utility fees, permits and licenses,” it stated.
Mayor and City Council are considering a tax rate of 7.900 mills which is no change from last year but 0.198 mills above the rollback rate of 7.702 mills.
Assessed property values in the city limits of Social Circle increased 14.09% on average this year, officials said.
“In addition, property tax revenues will increase due to new construction and industries whose incentive property tax abatement has expired, such that they are paying property taxes on more of the value of their property.”
The millage rate is applied to 40% of the assessed value of the property. For example, the proposed tax for a home with a fair market value of $100,000 is approximately $316.00 at a rate of 7.9 mills as compared to $308.08 at the rollback rate of 7.702 mills resulting in an increase of approximately $7.92.
The city’s adopted budget is available at www.socialcirclega.gov.
