The property tax cut gives most homeowners a break on their 2018 tax bill. This approximate four percent rate reduction is due to an increase in property values and the Board of Commissioners-approved budget.
Each year, the Board of Tax Assessors is required to review the assessed value for property tax purposes of taxable property in the county. When the trend of prices on properties that have recently sold in the county indicate there has been an increase in the fair market value of any specific property, the Board of Tax Assessors is required by law to re-determine the value of such property and adjust the assessment. This is called a reassessment.
When the total digest of taxable property is prepared, Georgia Law requires that a rollback millage rate must be computed that will produce the same total revenue on the current year’s new digest that last year’s millage rate would have produced had no reassessments occurred. The budget adopted by the Camden County Board of Commissioners allows a millage rate equal to the rollback millage rate this year.
Tonight’s vote confirms the Board of Commissioners intent to honor the rollback millage rate, lowering the millage rate from 13.94 to the new rate of 13.405 mills. This year, the tax digest increased by $89,783,894 showcasing Camden County’s continued recovery from the economic recession.