Marietta, GA -- Cobb County will soon advertise for its Fiscal Year 18 proposed millage rate as mandated by state law. The advertisement requires the county to factor in a "roll-back" rate in its calculations that makes the increase appear much larger than it really is.
As noted by Cobb County Commission Chairman Mike Boyce, "Factoring in the rollback rate as well as ignoring the impact of the floating homestead exemption in Cobb County makes this one-size-fits-all formula truly confusing for residents."
Boyce created a video to further explain the situation which can be viewed on YouTube at https://youtu.be/NQ_deeNs2Lg
The floating homestead exemption, claimed by 52% of residential property owners, freezes the taxable value of a property when it comes to the county's general fund only. The longer a homeowner owns the property, the larger the tax break. In 2017 the tax break saved taxpayers but cost the general fund $23 million. This year, the floating homestead exemption is projected to cost the county general fund more than $28 million.
"The state formula's calculation assumes the $28 million will go into the general fund," Boyce said. "Which further skews the number to an unrealistically large percent in the advertisement."
Chairman Boyce is proposing a budget with a 1.7 mill increase. That budget will allow the county to keep desired services open, hire more police officers, purchase more body and car cameras and begin the restoration of services lost during the recession.