Posted: Saturday, August 9th 2014 at 9:04am
Suwanee proposes static millage rate with tax increase
By Derreck Booth Editor
SUWANEE - While Suwanee officials want to leave their millage rate alone, the move would amount to a tax increase because of rising property values.
Officials are proposing a millage rate of 4.93 mills. The rate at which the city would generate the same tax revenue as last year, the rollback rate, is 4.7 mills, according to the city.
The city has had the same millage rate for the past two years.
The proposed millage rate would result in a tax increase of about $20.70 for a house valued at $225,000. It amounts to an increase of about $50.60 for nonresidential property valued at $550,000, according to the city.
The 4.93 rate would generate a 4.89 percent increase in property tax revenue for the next fiscal year.
The city has scheduled three public hearings on the proposed rate. The first is Thursday, August 14 at 5:30 p.m. Two hearings are scheduled on Tuesday, August 26, one at noon, the other at 6:30 p.m.
The meetings are in council chambers at city hall.
Officials are expected to adopt an official millage rate on August 26, following the hearings.
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