Friday, August 8, 2014
© Copyright 2014
Gwinnett Daily Post
SUWANEE — Rising property values in Suwanee will mean higher taxes as city officials have proposed the same millage rate — 4.93 — the city has used the last two years.
The rate is higher than the calculated rollback rate of 4.70 mills, but expected to generate the same total revenue as last year.
The proposed 4.93 millage rate will result in a tax increase of about $20.70 for a home with a fair market value of $225,000 and an increase of $50.60 for a nonresidential property with a fair market value of $550,000.
At the Aug. 26 City Council meeting, members are expected to adopt the fiscal year 2015 millage rate.
The proposed rate is anticipated to generate a 4.89 percent increase in property tax revenues because of rising property values.
There are three scheduled public hearings on the issue:
• 5:30 p.m., Thursday, Aug. 14
• Noon, Tuesday, Aug. 26
• 6:30 p.m. Tuesday, Aug. 26