Rome Officials To Discuss Millage Rates

Rome officials will discuss millage rates Tuesday morning during a called meeting of the finance committee.

The meeting, set for 10 a.m. in City Hall, 601 Broad St., will be the last before city commissioners set the tax rate for this year. The first reading of the final millage rate will be during the city commission meeting on July 8, and the new rate will be formally adopted on July 22 at the city commission meeting.

The city recently advertised that their maximum rate would be 26.450 mills for the city and Rome school system, which is the same as last year. However, even with the rate staying the same, property tax revenue for the city will increase by 7.87% due to increased property valuations.

“My recommendation to the commission is to keep the rate the same,” City Manager Sammy Rich said. “Or maybe a very slight reduction at best.”

The millage rate determines the amount a property owner pays in tax each year.

A tax rate of one mill represents one dollar per $1,000 of assessed value. According to the Georgia Department of Revenue, the average county and municipal millage rate is 30 mills.

The assessed value of a home is 40% of fair market value so the taxable percentage of a $200,000 home is $80,000. In an area where the millage rate is 25 mills, the property tax on that home would be $2,000. That calculation comes from 25 mills, essentially $25 for each $1,000 of assessed value.

Significant economic growth in northwest Georgia is causing property values to increase, which increases property taxes, as demand for housing continues to be strong.

If a property owner’s taxes go up in any given year, the taxing agency must advertise that they are increasing taxes.

There are essentially four taxing agencies in Floyd County. The Rome City Commission and Rome Board of Education as well as the Floyd County Commission and Floyd County Board of Education.

Each of those bodies set their millage rate each year in July. The Floyd County Commission recently announced a millage rate increase to make up for a $3.6 million budget shortfall.