McDONOUGH — It is possible that the city of McDonough could roll back its millage rate for the 2020 fiscal year, its city administrator said last week.
Keith Dickerson, McDonough city administrator, said at last Monday’s City Council meeting that the city could roll back its millage due to a 10 percent increase in the preliminary tax digest, which he said “is absolutely huge.”
“When the mayor and I went to talk (to the tax assessors), we didn’t expect to hear that,” Dickerson said. “That’s a $250 million increase in fair market value.”
The current millage rate, as adopted last year, is 4.083. If rolled back, it would mark the fourth consecutive year that the city has rolled back its millage rate after hitting a high of 4.922 in 2015.
A millage rate is the amount of tax per $1,000 of the assessed value, which is 40 percent of the fair market value, of a property, according to the Georgia Department of Revenue. For a property valued at $100,000, $40,000 of that property is taxed, which would lead to a tax bill of $163.32.
The city has also collected over its budgeted amount for the 2018-19 fiscal year, which was at $27,658,815. Dickerson said the city, so far, is at $28,200,893 year to date, while the general fund is at $17,327,061, up from $16,876,445.
Both the total budget and the general fund budget are balanced, Dickerson said.