Oakwood City Council gave its final OK Monday to increasing the South Hall city’s property tax rate by about 50 percent.
The council affirmed its Oct. 13 vote to raise the rate to 4 mills from 2.658, a move officials have said is needed to cover the city’s debt and ongoing maintenance needs.
One mill equals $1 for each $1,000 in assessed property value, with property assessed at 40 percent. Taxes on a home with a $100,000 value would increase by $53.68.
The new rate will help support the South Hall city’s yet-to-be-adopted 2015 budget, which takes effect Jan. 1. Tax bills will go out Nov. 1, with taxes due Jan. 1.
Bogging down the city’s finances is a combination of land purchases as part of a long-range plan for the city, buying right-of-way for Thurmon Tanner Parkway and getting less-than-expected revenues from the local option sales tax it shares with Hall County and other local governments.
Plus, officials aren’t planning for any revenues from the special purpose local option sales tax beyond its expiration next year. In the past, the city has relied on SPLOST money to repave streets.