Oakwood homeowners who have seen property values rise this year will see a jump in taxes if the city’s proposed tax rate is approved, even though the rate is staying the same.
The city has announced a proposal to set the 2021 tax rate at 4.174 mills, same as it was in 2020. With 1 mill equal to $1 for each $1,000 in assessed property, a $250,000 home assessed at 40% of market value would be taxed at $417.40.
As is the case throughout Hall County, property values are rising. Likewise, property owners who didn’t see values change wouldn’t see a change in taxes and those who saw values drop would see their taxes go down.
To keep revenues the same as they were in 2020, Oakwood would have to reduce its tax rate to 4.084 mills, said Carl Stephens, city finance director.
By not rolling back the tax rate, the city projects receiving an additional $59,482, he said.
Under state law, not rolling the rate back to a “revenue-neutral” level is considered a tax increase, and three public hearings must be scheduled.
Public hearings are set for Wednesday, June 23, 6 p.m. July 6 and 6 p.m. July 12 at Oakwood City Hall, 4035 Walnut Circle.
Oakwood tax hearings
What: Proposed increase in property taxes for residents with higher property values
When: 5 p.m. Wednesday, June 23; 6 p.m. July 6; and 6 p.m. July 12
Where: Oakwood City Hall, 4035 Walnut Circle