The City of Oakwood announced Thursday its intention to increase the property taxes it will levy this year by 5.80 % over the rollback millage rate.
Each year, the board of tax assessors is required to review the assessed value for property tax purposes of taxable property in the county. When the trend of prices on properties that have recently sold in the county indicate there has been an increase in the fair market value of any specific property, the board of tax assessors is required by law to re-determine the value of such properties and adjust the assessment. This is called a reassessment.
When the total digest of taxable property is prepared, Georgia law requires that a rollback millage rate must be computed 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 budget previously adopted by the City of Oakwood’s Mayor and Council requires a millage rate higher than the rollback millage rate. Therefore, before the City of Oakwood’s Mayor and Council may set a final millage rate, Georgia law requires three public hearings to be held to allow the public an opportunity to express their opinions on the increase.
Three public hearings are planned on the proposed tax hike. August 6 at 6:00 p.m., August 12 at 10:00 a.m. and August 12 at 7:00 p.m.