The Catoosa County Board of Commissioners (BOC) approved the Fiscal Year (FY) 2025 county government budget that is balanced and supported with a property tax millage rate rollback from 6.287 mills to 4.947 mills. Officials said the rollback offsets this year’s revaluation of properties by the Board of Assessors that is required by state law and reflects increases in fair market values of residential, commercial, industrial, agricultural, and utility properties.
The Constitution of the state of Georgia mandates the Catoosa County Board of Education (BOE) to approve a fiscal year budget and property tax millage rate supporting education, and that the BOC shall ratify their millage rate, it was stated.
The BOE approved an education millage rate of 14.870 mills, which the BOC ratified as required by state law.
The FY2025 General Fund budget for county government services (excluding education) is $42,986,444, which is an increase of $1.77 million (4.3%) over the prior year budget. Projected revenue increased by $1.77 million through increased retail sales, intergovernmental revenues, charges for services, licenses and permits, and taxes because of growth. Expenditures increased by $1.77 million due to increases in costs to provide general government services, the courts, and public safety.
Millage rates are used with property assessments to calculate a home’s annual property taxes. As an example, using the average fair market value of a Catoosa County home of $275,000, the annual Catoosa County general government portion of a home’s annual property tax (excluding public schools and cities) is calculated using several factors:
· 40 percent of Assessed Value: $110,000
· County Homestead Exemption: $2,000
· Taxable Value: $108,000
· Millage rate rollback: 4.947 mills
· Proposed FY 2025 County Government tax: $534.28 (108,000 X .004947)
The FY2025 budget is effective October 1, 2024 and is available for review at the Administrative Offices Building, 800 Lafayette Street, Ringgold, and online at: https://www.catoosa.com/departments/view-all-departments/finance/-folder-118.