The Hall County property tax rate will have to be rolled back to 6.356 mills from the current 6.7 mills to avoid a property tax increase in the upcoming fiscal year.
It’s a hefty rollback rate for the county. The new rate was released by Hall County government on Tuesday, June 5, ahead of the Hall County Board of Commissioners budget sessions coming up later this month.
In 2017, the rollback rate would have taken the county from its tax of 5.716 to 5.501 mills — a drop of 0.215 mills. The current rollback rate is a drop of 0.344 mills, a larger reduction that comes from increasing property values in Hall County.
If you’re very confused by now, don’t worry. For property tax purposes, a single mill represents $1 of tax for every $1,000 of value. A homeowner with a house worth $200,000 with a property tax rate of 10 mills would pay $200 in tax each year.
However, there’s one more level of complexity to Hall County’s property tax: Residential property is only taxed at 40 percent of its value. Now, instead of that homeowner paying $200 in tax, he or she would pay only $40 at a tax rate of 10 mills.
So why is your tax bill so much higher than that? There are several other taxes layered on top of the county’s 6.7-mill tax.
That 6.7 mills goes to the county government’s general fund, which pays for the core of the county’s service (law enforcement, administration, finance and other operations). The county also collects a fire fund property tax to fund Hall County Fire Services and taxes some personal property.