The Fulton County Board of Commissioners is scheduled to discuss a possible increase in property tax millage rates at its meeting Wednesday at 10 a.m. at the courthouse in downtown Atlanta.
Under consideration is raising county property tax rates from 10.281 to 10.791 mills to help balance the $605 million general fund budget, which funds the day-to-day operations. However, the rate hike might not increase taxpayers’ burdens.
“It is expected the new rate will generate the same amount of billing as last year,” county Finance Director Patrick O’Connor said in a released statement. “In other words, the revenue-neutral millage rate [of 10.791 mills] is the rate that will be used to offset the decline in value of existing properties.”
He said the county will earn only $455 million in income if the current rate stands, due to a $2.2 billion decline in tax digest value for 2012 as received from the Board of Assessors’ office. That is a net reduction of $74 million, or 14 percent in county revenue.