Atlanta expects to see a 1.5 percent boost in revenue from property taxes in fiscal 2018, thanks to a surge in new housing and commercial developments.
The city is proposing a $637 million budget in the new fiscal year — which starts July 1 — that will see an increase in spending for police and fire departments, but also cuts to the Atlanta City Council and Mayor Kasim Reed’s office. Reed is in the final year of his two-terms in office.
Property for housing and businesses in Georgia’s biggest city had a total assessed value of about $25.6 billion in fiscal 2017, up from $24.9 billion a year earlier.
So what does this mean for you? It depends on where you live.
The city says it expects to roll back the millage rate by 0.01 mills, but those living in areas where real estate assessments are climbing — Midtown, Buckhead, Old Fourth Ward, for instance — could see a property tax increase.
“Data indicates the city of Atlanta is growing,” said Jim Beard, the city’s CFO. “The value of all properties in the city should continue to go up. If you look at things like the BeltLine, it’s driving growth and prices.”
The AJC’s Leon Stafford keeps you updated on the latest in the Atlanta mayoral race and everything else going on at City Hall. You’ll find more on myAJC.com, including these stories:
The booming tourism business has nearly $61 billion in economic impact with several attractions that draw visitors.