Mayor Robert Reichert is proposing a property tax increase of three mills across Bibb County. Tuesday, Reichert told people that would cost homeowners an additional $99 in property taxes for a $100,000 house.
What does that mean for homes that cost more than that? 13WMAZ’s Mary Grace Shaw verifies, is it a $99 increase for every $100,000 of property value?
For an example, say a homeowner’s house is valued at $100,000 in Georgia. That owner is taxed on 40 percent of your home's value. In this case, that is $40,000.
However, because of Georgia's homestead exemption homeowners are exempted from $7,000 value on their primary home, so this owner will be taxed on a home value of $33,000.
Right now in Bibb County, the millage rate is 14.652. That means this owner will have to pay a little more than $14 for every $1,000 in value, so this home is paying $483.52 in property taxes.
If property taxes go up 3 mills, the homeowner would pay $99 more than they used to. I verified that Mayor Robert Reichert's statement is correct for a $1,000 home.
However, if you live at a house that is valued at $200,000, the homestead exemption only applies to the first $100,000 in home value.
Reichert's proposed tax rate would mean the owner pays $1,288.60. That is an increase of $219 dollars.
So we verified that yes, property owners will see a $99 increase for the first $100,0000 of a home’s worth. However, for every $100,000 above that home owners will not see a $99 increase. They will pay an additional $120.
Here is a link to the county’s proposed budget.
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