Savannah property taxes could increase, along with property valu - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Savannah property taxes could increase, along with property values

Posted: Updated:
SAVANNAH, GA (WTOC) -

Savannah homeowners might be paying more for property taxes this year.

The good news is, it's a result of economic development causing property values to go up.

The Savannah City Council is holding a public hearing on Thursday evening.

Even though some people will be paying more, millage rates are staying the same. The current rate is 12.48 mills, but when you calculate your taxes, you multiply the millage rate and the assessed value of your home.

For example, if you own a $100,000 home, you probably paid around $500 in 2013, but this year, you will pay around $515, so now you'll be paying about $15 more per year.

The city had the option to reduce the millage rate to offset the difference, but instead they decided the increased property values will generate about $1.18 million, money that will now go back into the city. That money will be used to help balance the budget and keep more money in savings at the end of the year.

A public hearing was held on Thursday morning about these changes, and some people were not happy.

"We're in an economy right now where everyone is pinching pennies, so every little bit helps," said Louis Wilson.

Not every single property value in the City of Savannah increased, so you may be in the clear. Anyone with questions will want to contact the Board of Assessors.  

Copyright 2013 WTOC. All rights reserved.

Powered by WorldNow