The budget up for consideration by the Alpharetta City Council proposes to leave the millage rate at its current 5.750 level through the 2022 tax year/2023 fiscal year. The City has maintained that rate since 2009 while providing additional tax relief to citizens through a portfolio of homestead exemptions (discussed below) that rank among the highest in the State.
The city’s millage rate is composed of two separate levies that total 5.75 mills: the maintenance & operations (M&O) levy provides funding for essential city services and capital investment and is proposed at a rate of 4.785 mills; the bond levy provides funding for the city’s voter-approved general obligation debt and is proposed at a rate of 0.965 mills.
Due to the impact of property tax reassessments, the city is advertising a property tax increase of 4.96% for the M&O millage levy (the larger of the two levies).
When the total digest of taxable property is prepared, Georgia law requires the computation of a rollback millage rate 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. The proposed M&O millage rate exceeds the rollback millage rate, therefore, before the City Council can set a final millage rate, Georgia law requires the advertisements discussed above as well as three public hearings to be held to allow the public an opportunity to express their opinions on the increase.
The public hearings will be held on the following dates and times in the Council Chambers at Alpharetta City Hall located at 2 Park Plaza:
* May 23, 2022 at 6:30 PM
* June 06, 2022 at 11:30 AM
* June 06, 2022 at 6:30 PM
The City of Alpharetta is investing revenue growth to cover inflationary cost drivers (labor, fuel, etc.) as well as increase capital investment in our infrastructure.
Citizens are also encouraged to view the adopted budget on the City of Alpharetta website, www.alpharetta.ga.us and through the financial transparency portal https://cleargov.com/georgia/fulton/city/alpharetta.
TAXPAYER SAVINGS
The FY 2023 millage rate, coupled with the city’s substantial Homestead Exemptions, goes great lengths in keeping Alpharetta an affordable place to live and strategically positions us relative to neighboring areas.
The city’s multiple homestead exemptions are estimated to save our homeowners over $5.4 million annually and include:
* Floating Homestead exemption that caps the taxable value growth of homesteaded properties to the lesser of 3% or CPI;
* Basic Homestead exemption of $45,000 off the assessed value of homesteaded properties which is among the highest in the State;
* Senior Basic Homestead exemption of $25,000 off the assessed value of homesteaded properties for residents age 65 and older;
* Senior full-value exemption available to residents age 70 and older who meet certain income requirements.
Original source can be found here.
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