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Property values drop, tax rate goes up
Property20tax

 

A drop in property values has caused the certified property tax rate for DeKalb County to increase from $1.78 to $1.83 per $100 of assessed value.

 

With the completion of a five-year reappraisal cycle showing a drop in assessments, a new property tax rate has been established by the State Board of Equalization for the 2016-17 fiscal year. While the rate will increase, it will still generate the same amount of property tax revenue for the county government as last year.

 

By law, counties must reappraise every four, five, or six years. DeKalb County is on a five-year cycle. Reappraisal is meant to ensure that neither too much nor too little is being paid based on property values.

 

If the county commission approves the new rate at its July meeting, the $1.83 rate will break down as:

 

•County General: 95 cents

 

•Schools: 61 cents

 

•Debt Service: 12 cents

 

•Road Department: 4 cents

 

•Capital Projects Fund: 11 cents

 

Since the state is fully funding the Basic Education Program (BEP) this year, the county must fund a local match, resulting in the school system getting a four more cents of the property tax rate than last year.

 

County Mayor Tim Stribling told the commissioners at Thursday night’s all-committees workshop that the new numbers show that the assessment of the tax base in DeKalb County is now $468,860,473, down from the prior year’s assessment of $482,955,266.

 

The increase doesn’t necessarily mean that property owners will pay more this year. That depends on whether their assessments increased or decreased.

 

The new rate will be formally established when next year’s budgets are adopted by the county commission in July.