The City of Roswell is proposing reducing the property tax rate for fiscal year (FY) 2023 from 4.718 mills to 4.463 mills, which is 5.4 percent lower than last year's rate. If the proposed rate is approved by Mayor and Council, Roswell's property tax rate will be the lowest it has been in more than 30 years, and residents should see no increase in their City property tax bill compared to last year.
"Mayor and Council are excited to let our residents know that if this rate is approved, they should see no increase in their City of Roswell property tax bill—despite the property value increases that we have all seen in Roswell," said Mayor Kurt Wilson. "I applaud Council's foresight and the work of the whole team in coming up with a budget strategy that has enabled us to reduce the tax rate to help Roswell's taxpayers."
City Council will hold two public hearings to consider the proposed millage rate. Members of the public are encouraged to join us or watch the meetings online (see www.roswellgov.com/MeetingVideo) on the following dates:
-Monday, August 29, 2022: During the Special Called Mayor and City Council Meeting at 7:00 PM, City Hall Council Chambers (First Reading)
-Monday, September 12, 2022: During the Mayor and City Council Meeting at 7:00 PM, City Hall Council Chambers (Second Reading and City Council vote to determine the final FY 2023 millage rate)
The proposed 4.463 rate represents the "rollback rate"—a rate that Georgia law requires each tax-levying authority (ex. city, county, school district) to calculate annually based on the total digest of taxable properties located within the government's jurisdiction. The rollback rate is specifically computed to offset inflationary increases in property values.
Understanding Millage Rate Components
The millage rate, also known as the property tax rate, comprises two components:
-The Maintenance and Operations (M & O) portion funds basic City services like public safety and parks. The M & O portion of Roswell's proposed FY2023 millage rate is 4.363, which represents a 5.5% decrease from last year's M & O portion (4.618).
-The Debt Service portion, which funds the repayment of voter-approved, bonded debt, remains the same as it was last year at 0.100 mills.
Recent Property Tax Rate History in Roswell
Historically, the City of Roswell has had one of the lowest millage rates among cities in northern Fulton County. In 2018, Roswell City Council lowered the millage rate from 5.455 (a level it had been kept at since FY 2009) to 4.955 for FY 2019 to help offset the impact of increased property assessments in Fulton County at that time.
In November 2018, voters in Roswell approved the adoption of a "floating" homestead exemption. This exemption capped the annual increase to a property tax bill, starting in 2019. Citywide, Roswell residents realize more than $5.1 million in tax savings annually (an average of $177 per household) as a result of Roswell's homestead exemptions, which include the floating exemption, as well as exemptions for those age 65+ and disabled veterans. For more information, visit www.roswellgov.com/PropertyTaxInfo.
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