MACON, Ga. — Your wallet may feel a little fuller after Macon-Bibb's decision to roll back the millage rate Tuesday.
It could also feel a little emptier or even feel just the same. All three are possibilities, depending on your property value.
The millage rate can be difficult to understand, but here's the bottom line: one mill is about $1 for every $1,000 in your property value. So, two mills is $2 per $1,000.
Simple enough, right? Not so fast.
In Georgia, you're only taxed on 40% of your property value, so a two mill rollback on a $100,000 house could save you about $80 on your tax bill. It also might not if your property value went up enough. That's where it all starts: your property value assessment.
"Mayor and commissioners have absolutely nothing to do with any tax assessment that you may have received," Mayor Lester Miller explained during Tuesday's commission meeting. "Our job is to set the millage rate, which is actually the tax that's associated with any properties that we have."
Each summer, the county and school board set their own millage rates to help them pay the bills. Some homeowners are worried about how rising property values may impact them. Mayor Miller says they're able to reduce the millage rate thanks to the OLOST.
The OLOST is a one-penny sales tax that pays for government services. He says they're able to roll back taxes without losing money.
"These tax assessed values that have increased, if this commission rolls back the taxes, Macon-Bibb County does not receive any additional funds for this property," Miller said.
August 11, the school board will set their millage rate, and after that, you'll finally get your tax bill. It all depends on your property value to determine whether that bill goes up, down, or stays the same.
The school board has one more millage rate hearing on August 11. The county commission's decision is final. Since they're lowering rates, they don't need to have any more hearings like they would if they raised rates.
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