The city of Buford is planning to effectively increase property taxes.
The city is proposing a partial rollback of its millage rate from 12.6 mills to 12.55 mills. The new millage rate is 7.2% higher than a full rollback, which would have been 11.704 mills.
The full rollback rate is calculated to keep the city revenue neutral, and a partial rollback constitutes a property tax increase, according to Georgia law. A hot housing market has increased property values, leading to greater revenue for the city without a rollback.
One mill is equal to $1 per $1,000 of assessed property value. In Buford, property is taxed at 40% of its assessed value.
A house worth $250,000 would be taxed $1,255 in the coming fiscal year, $5 less than fiscal year 2022, if its value was assessed the same. Many property owners saw assessments rise with the booming housing market, meaning their tax bill will be higher even with the partial tax rate rollback.
The city will hold three public hearings about the property tax increase at Buford Arena at 2795 Sawnee Ave. The first will be at 7 p.m. July 18, and the last meetings will be 10 a.m. and 7 p.m. both on Aug. 1.
Public Hearings on Buford property tax hike
Where: Buford Arena, 2795 Sawnee Ave.
When: 7 p.m. July 18; 10 a.m. and 7 p.m. Aug. 1.