Peachtree City Adopts 2018 Budget with No Projected Tax Increase
Staff recommends full millage rollback for reassessments
On Thursday, August 3, the Peachtree City Mayor and Council adopted a $34,466,930 budget for FY 2018, which begins October 1, 2017. Due to the increase in the tax digest, staff recommended a full rollback of the millage to offset any tax increase to the City from the property reassessments in 2017.
During the budget workshops in June and July, staff had originally recommended a 0.25 millage rollback if the 2017 digest came in with at least 7% growth. The quarter mil would have represented 4% of the digest, reducing the overall revenue increase to 3%. However, on Thursday, Financial Services Director Paul Salvatore announced that the Tax Commissioner had forwarded the digest earlier that week, and it had grown by 12.47%, with new growth accounting for 3.75%. This allowed staff to revise their recommendation to a full rollback of 0.524 mills to account for the remaining 8.72% growth due to property reassessments.
Salvatore noted that property taxes from new growth were not considered a tax increase because they were being paid by properties to which the City would now be providing services. He also noted that the Tax Commissioner still had a number of tax assessment appeals to complete, so the final amount could still be impacted slightly.
Council adopted the proposed budget unanimously, and will officially set the 2017 millage rate at the August 17 meeting.