Flowery Branch’s proposed tax rate and budget for 2020-21 received final approval at the City Council meeting Thursday, June 25.
The city’s proposed tax rate is staying the same at 3.264 mills, with 1 mill equal to $1 per $1,000 in assessed property value. Under that formula, a $250,000 home would be taxed at $326.40.
That means a hike for residents with rising property assessments. The tax bill would remain the same for homeowners who saw no change in home values.
While property tax revenues are generally the same in the $5.1 million budget taking effect July 1, there are revenue losses elsewhere, such as in local option sales taxes, which are dropping from $1 million to $750,000, or by 25%.
Local governments have had to wrestle with lost revenue from the COVID-19 pandemic.