|
What is the Rollback Rate? |
|
There is a very special part of Georgia's property taxes called the Rollback Rate. This is also known as a property tax freeze. The purpose of the rollback rate is the prevention of indirect tax increases resulting from increases to existing property values in a county due to inflation. The rollback rate is calculated by formulas. Essentially, the amount of revenue collected by the county is not allowed to increase based on increases in assessed values due to inflation. By using the formula, a rollback rate is determined to collect the same amount of revenues for the same property given the rise in assessed value. The rollback rate lowers the millage rates to collect the same revenues. If the proposed millage rate exceeds the computed rollback rate, the taxing authority must follow special rules regarding the intent to increase your property taxes, including public meetings, public input, public notices, and press releases. This is Your Right in the Taxpayer Bill of Rights.
|
