Staff Analysis of the Legislation
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SUMMARY: This bill would amend Article 1 of Chapter 5 of Title 48 of the O.C.G.A. to define millage; eliminate the current definition of “Roll back rate,” “total net assessed value added by reassessments; and eliminate the notification to the levying authority the total net assessed value added by reassessments. It recommends in its place a new method of calculating and advertising the millage rate
REQUIREMENTS:
- The calculation of the millage rate procedure would have to include:
- The dollar figure of the total budget that would have to be funded by ad valorem taxes;
- The calculation of a dollar figure representing the net tax digest multiplied by 40%;
- The result of dividing #1 by #2;
- The result of multiplying #3 by 1000, which would be the millage rate.
- Advertisement of intent to establish a millage rate in the same manner as currently required but including wording to reflect the revised method of establishing the millage rate.
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