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The Fulton County Board of Commissioners is scheduled to discuss apossible increase in property tax millage rates at its meeting Wednesday at 10a.m. at the courthouse in downtown Atlanta.
Under consideration is raising county propertytax rates from 10.281 to 10.791 mills to help balance the $605 million generalfund budget, which funds the day-to-day operations. However, the rate hikemight not increase taxpayers’ burdens.
“It is expected the new rate will generate thesame amount of billing as last year,” county Finance Director Patrick O’Connorsaid 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 valueof existing properties.”
He said the county will earn only $455 millionin income if the current rate stands, due to a $2.2 billion decline in taxdigest value for 2012 as received from the Board of Assessors’ office. That is anet reduction of $74 million, or 14 percent in county revenue.
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