City of Savannah Considers Maintaining Historic Low Millage Rate Since 1987
The City of Savannah is on the verge of making a significant fiscal decision that would potentially influence tax liabilities for its property owners. Officials are debating the adoption of a 2024 millage rate of 12.2 mills, identical to the rate adopted in 2023, a measure if passed, would maintain the lowest property tax rate since 1987.
Millage Rate Unchanged
The unchanged millage rate of 12.2 mills was used to formulate the City’s 2024 budget plan. The continuation of this rate would ensure the preservation of Savannah’s historically low property tax rate. As per state law, this news development serves as a notice demonstrating the Mayor and Aldermen’s intention to adopt a millage rate, which would necessitate an increase in property taxes by 9.00 percent over the rollback millage rate.
Property Tax Implication
This increment would apply to properties that have seen an increase in valuation and have not obtained a Stephens-Day exemption. The 9.00 percent increase over the rollback millage rate equals the tax rate adopted in 2023 of 12.2 mills.
Consequently, once the total digest of taxable property is prepared, the Georgia law directs to compute a rollback millage rate that would yield 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 millage rate of 12.2 mills reflects an increase of 1.004 mills over the rollback millage rate of 11.196 mills.
The proposed tax increase for a home not having a Stephens-Day exemption with a fair market value of $100,000 is estimated as approximately $40.16. In comparison, the proposed tax increase for non-Stephens-Day exemption property with a fair market value of $500,000 is around $200.80.
Public Hearings and Citizen Participation
Should the city council resolve to adopt the rate of 12.2, Georgia law necessitates at least three public hearings granting the city’s residents an opportunity to voice their opinions on the tax increase. Citizens are welcome to attend the public hearings on property tax rate scheduled to take place at City Hall, located at 2 E. Bay St., on Thursday, July 11 at 10:00 a.m. or 6:00 p.m. or Thursday, July 25 at 2:00 p.m.
Public comment is encouraged in two ways. Firstly, those interested may submit their evidence, inclusive of written remarks, to the city council via email or by calling the provided number. Alternatively, individuals may visit the City Hall council chambers to communicate their thoughts directly to the City Council members. It is worth noting that all written comments become part of the public record and are shared with the Mayor and Aldermen ahead of the council meeting.
By maintaining the lowest millage rate since 1987, the City of Savannah is showcasing its commitment to fiscal responsibility and sensitivity towards the tax burden of property owners. As the consideration process advances, the public’s participation through the upcoming hearings will provide a crucial context to the discussions and final decision.
