SAVANNAH, Ga. (WTOC) - So, what does the millage rate set by the Savannah-Chatham School Board mean when it comes to your taxes? Here’s a breakdown.
First, understand that a mill equals $1 for every $1,000 in property value. Georgia calculates your tax bill using 40 percent of your property value. In other words, a $100,000 home has a tax-assessed value of $40,000. To calculate your tax bill based off the millage rate and your assessed value is simple. You simply must multiply your assessed value, or 40% of your property value, times the millage rate. Next, you’ll divide that number by 1,000.
For example, in a $100,000 home, you multiply 40,000 by 18.881, the millage rate adopted by the Savannah-Chatham school board. Divide that number by 1,000. You get the $755.24 you will pay to the school system annually in taxes. If your home is worth $300,000, then you just multiply 755.24 by three.
The confusion comes in the language of the law and what rights taxpayers have. If your property value increased, as some did in Chatham County, then your tax bill will be higher because the property value that is multiplied by the millage rate is higher.
The school system advertised the millage rate as an increase because the system opted not to implement a lower millage rate, referred to as a “rollback rate.” As a result, property tax revenue is up about 3 percent for the school system, or about $8 million. If you have questions, you can email email@example.com.