Two new millage rates were approved yesterday in Jeff Davis County.
The Jeff Davis County Board of Education has approved a millage rate of 12.5 mills. This is a reduction from 13.5 mills. The Jeff Davis County Board of Commissioners has approved a millage rate of 11.5 mills. which is a reduction from 12.175 mills.
But what exactly is a millage rate? A millage rate is the rate local governments and school systems use when calculating property taxes. One mill equals $1 in tax for every $1,000 of a property’s taxable value.
In Georgia, property is generally assessed for tax purposes at 40 percent of its fair market value, before applicable exemptions are considered. For example, a property with a fair market value of $100,000 would generally have an assessed value of $40,000 before exemptions. A millage rate of 10 mills would equal $400 in taxes on that assessed value.
The millage rates approved by the Board of Education and Board of Commissioners represent separate portions of the overall property tax calculation. Other taxing jurisdictions or assessments may also appear on a property tax bill.
It is important to note that a change in the millage rate alone does not necessarily tell a property owner whether their individual tax bill will increase or decrease. Property values, exemptions and other factors can affect the final amount owed.
Hazlehurst Now is not making projections about what the newly approved rates will mean for individual property tax bills.
