Jul 29, 2014

City Considers Property Tax Increase

Smyrna property owners may have to pay a little more to the tax man to ensure top-flight city services are continued.

City Considers Property Tax Increase
The City of Smyrna has announced that it plans to increase the millage rate by over three percent despite a bolstered tax digest.

According to a press release, the Cobb County Tax Assessor's office is responsible for re-assess the value of taxable property when the sale value of similar properties has increased.

This re-assessment is crucial in determining the "rollback rate," the millage rate at which the re-assessed tax digest and the old tax digest would equal one another.

"In order to continue serving our citizens with the highest level of services possible, the City of Smyrna requires a millage rate higher than the rollback rate," added the city in a release.

The city has announced a rollback rate of 8.700 mills, and a tentative millage rate of 8.990 mills. This is a 3.33 percent increase in property taxes. A home with a fair market value of $225,000 would see a $23.20 property tax increase, the city says.

Three public hearings must be held before the city can adopt this new millage rate. The first of these hearings will occur on July 14 at Smyrna City Hall. Two meetings will be held, one at 10 a.m. and the second at 6 p.m. The third meeting will be held on July 21 at City Hall at 7:30 p.m.

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