Millage rate is the amount per $1,000 used to calculate taxes on property. Millage rates are most often used to determine personal property taxes — millage is multiplied by the total taxable value of the property. One mill represents $1 in tax per $1,000 of tax-assessed value.
For example, with the proposed rate hike, taxes on a $125,000 home would increase by about $10, while taxes on a $275,000 non-homestead property would rise about $22.
In a press release, Taylor’s office said the proposed millage rates for 2017 are the same as for 2016, but the increase in overall anticipated taxes is due to increases in the digest caused by additions and re-assessments.
“That means county-wide property values have increased, which results in an increase in property tax revenues, even though the millage rate remains the same as 2016,” Taylor explained. “The overall tax digest (property values) increased by approximately 2.58 percent. The law requires that we advertise it as a tax increase, when in reality it is a revenue increase due to the increased property values caused by re-assessments and additions to the digest.”
The final millage rate will be set at a public meeting in the Commissioner’s Conference Room at the Frank Moore Administration and Judicial Center on Tuesday, Aug. 1, at 10:15 a.m.