Millag age Rate He Hearings gs City of Newnan August 7, 2018 at - PowerPoint PPT Presentation

Millag age Rate He Hearings gs City of Newnan August 7, 2018 at 6:30pm August 10, 2018 at 11:00am August 14, 2018 at 2:30pm

Coweta Newnan COUNTY TAXING JURISDICTION INFORMATION FOR THE SHADED PORTIONS OF THIS SECTION MUST BE ENTERED This information will be the actual values and millage rates certified to the Department of Revenue for the applicable tax years. REASSESSMENT OF OTHER CHANGES DESCRIPTION 2017 DIGEST 2018 DIGEST EXISTING REAL PROP TO TAXABLE DIGEST REAL 1,214,588,113 33,362,111 49,442,043 1,297,392,267 PERSONAL 108,008,290 14,267,006 122,275,296 MOTOR VEHICLES 20,606,520 -5,561,330 15,045,190 MOBILE HOMES 0 0 0 TIMBER -100% 0 0 0 HEAVY DUTY EQUIP 0 0 0 GROSS DIGEST 1,343,202,923 33,362,111 58,147,719 1,434,712,753 EXEMPTIONS 0 0 NET DIGEST 1,343,202,923 33,362,111 58,147,719 1,434,712,753 FLPA Reimbursement Value 0 Adjusted NET DIGEST 1,343,202,923 33,362,111 58,147,719 1,434,712,753 (PYD) (RVA) (NAG) (CYD) 3.870 2017 MILLAGE RATE >>> 2018 PROPOSED MILLAGE RATE >>> THIS SECTION WILL CALCULATE AUTOMATICALLY UPON ENTRY OF INFORMATION ABOVE DESCRIPTION ABBREVIATION AMOUNT FORMULA 2017 Net Digest 1,343,202,923 PYD Net Value Added-Reassessment of Existing Real Property RVA 33,362,111 Other Net Changes to Taxable Digest NAG 58,147,719 2018 Net Digest CYD 1,434,712,753 (PYD+RVA+NAG) 2017 Millage Rate PYM 3.870 Millage Equivalent of Reassessed Value Added ME 0.090 (RVA/CYD) * PYM Rollback Millage Rate for 2018 3.780 RR PYM - ME

Required Public Advertisement in Legal Organ The Mayor and Council of the City of Newnan has tentatively adopted a 2018 millage rate which will require an increase in property taxes by 5.82 percent. All concerned citizens were invited to the public hearings on this tax increase held at 25 LaGrange Street, Newnan, Georgia in the Council Chambers at City Hall on Tuesday, August 7, 2018, at 6:30 PM and Friday, August 10, 2018, at 11:00 AM . The third and final public hearing on this tax increase will be held at City Hall, 25 LaGrange Street, Newnan, GA on August 14, 2018 at 2:30 PM . This tentative increase will result in a millage rate of 4.00 mills , an increase of 0.22 mills . Without this tax increase, the millage rate will be no more than 3.78 mills . The proposed tax increase for a home with a fair market value of $150,000 is approximately $7.80 and the proposed tax increase for a home with a fair market value of $250,000 is $13.00 .

City of Newnan CURRENT 2018 TAX DIGEST AND 5-YEAR HISTORY OF LEVY City 2013 2014 2015 2016 2017 2018* Real and Personal $936,159,264 $1,081,798,682 $1,175,236,951 $1,204,536,961 $1,322,596,403 $1,419,667,563 Motor Vehicles 69,857,690 56,791,200 39,862,510 28,360,230 20,606,520 15,045,190 Mobile Homes 0 0 0 0 0 0 Timber - 100% 0 0 0 0 0 0 Heavy Duty Equipment 0 0 0 0 0 0 Gross Digest $1,006,016,954 $1,138,589,882 $1,215,099,461 $1,232,897,191 $1,343,202,923 $1,434,712,753 Less M & O Exemptions 0 0 0 0 0 0 Net M & O Digest $1,006,016,954 $1,138,589,882 $1,215,099,461 $1,232,897,191 $1,343,202,923 $1,434,712,753 State of Georgia Forest Land Assistance Grant Value $0 $0 $0 $0 $0 $0 Adjusted Net M & O Digest $1,006,016,954 $1,138,589,882 $1,215,099,461 $1,232,897,191 $1,343,202,923 $1,434,712,753 Gross M & O Millage 9.490 8.805 8.988 9.241 8.709 8.707 Less Rollback 5.120 4.655 4.938 5.191 4.839 4.707 Net M & O Millage 4.370 4.150 4.050 4.050 3.870 4.000 Net Taxes Levied $4,396,294 $4,725,148 $4,921,153 $4,993,234 $5,198,195 $5,738,851 $38,569 $328,854 $196,005 $72,081 $204,962 $540,656 Net Tax $ Increase/(Decrease) 0.9% 7.5% 4.1% 1.5% 4.1% 10.4% Net Tax % Increase/(Decrease) * Proposed Millage Rate. Actual Millage Rate will be determined by Council at the August 14, 2018 meeting.

City of Newnan, Georgia 2018 Property Tax Millage Rate Scenarios 2017 Prop Tax Digest 2018 Millage Rate Scenarios Millage of 3.87 3.78* 3.87 4.00 Real and Personal $1,322,596,403 $1,419,667,563 $1,419,667,563 $1,419,667,563 Motor Vehicles 20,606,520 15,045,190 $15,045,190 $15,045,190 Adjusted Net M & O Digest $1,343,202,923 $1,434,712,753 $1,434,712,753 $1,434,712,753 Gross M & O Millage 8.71 8.49 8.58 8.71 Less Rollback 4.84 4.71 4.71 4.71 Net M & O Millage 3.87 3.78 3.87 4.00 % Increase over Rollback 2.38% 5.82% Net Taxes Levied $5,198,195 $5,423,214 $5,552,338 $5,738,851 $204,962 $225,019 $354,143 $540,656 Net Tax $ Increase/(Decrease) 4.1% 4.3% 6.8% 10.4% Net Tax % Increase/(Decrease) Projected Impact - Collections @ 93% Rate $4,880,179 $ 5,043,589 $ 5,163,675 $ 5,337,131 - Net Taxes Collected $204,962 $163,410.21 $283,495.67 $456,952.44 - Net Tax $ Increase/(Decrease) 4.1% 3.3% 5.8% 9.4% - Net Tax % Increase/(Decrease)

City of Newnan, Georgia 2018 Property Tax Millage Rate Scenarios 2017 Prop Tax Digest 2018 Millage Rate Scenarios Millage of 3.87 3.78* 3.87 4.00 Annual Taxes: Property Tax Property Tax Property Tax Property Tax Based on Home Valued at: $75,000.00 $116.10 $113.40 $116.10 $120.00 $100,000.00 $154.80 $151.20 $154.80 $160.00 $125,000.00 $193.50 $189.00 $193.50 $200.00 $150,000.00 $232.20 $226.80 $232.20 $240.00 $175,000.00 $270.90 $264.60 $270.90 $280.00 $200,000.00 $309.60 $302.40 $309.60 $320.00 $225,000.00 $348.30 $340.20 $348.30 $360.00 $250,000.00 $387.00 $378.00 $387.00 $400.00 $275,000.00 $425.70 $415.80 $425.70 $440.00 $300,000.00 $464.40 $453.60 $464.40 $480.00 $325,000.00 $503.10 $491.40 $503.10 $520.00 $350,000.00 $541.80 $529.20 $541.80 $560.00 $375,000.00 $580.50 $567.00 $580.50 $600.00 $400,000.00 $619.20 $604.80 $619.20 $640.00

City of Newnan, Georgia 2018 Property Tax Millage Rate Scenarios 2017 Prop Tax Digest 2018 Millage Rate Scenarios Millage of 3.87 3.78* 3.87 4.00 Annual Impact on Property Taxes from 2017 Rate: $75,000.00 ($2.70) $0.00 $3.90 $100,000.00 ($3.60) $0.00 $5.20 $125,000.00 ($4.50) $0.00 $6.50 $150,000.00 ($5.40) $0.00 $7.80 $175,000.00 ($6.30) $0.00 $9.10 $200,000.00 ($7.20) $0.00 $10.40 $225,000.00 ($8.10) $0.00 $11.70 $250,000.00 ($9.00) $0.00 $13.00 $275,000.00 ($9.90) $0.00 $14.30 $300,000.00 ($10.80) $0.00 $15.60 $325,000.00 ($11.70) $0.00 $16.90 $350,000.00 ($12.60) $0.00 $18.20 $375,000.00 ($13.50) $0.00 $19.50 $400,000.00 ($14.40) $0.00 $20.80

Digest History 2005 – 2018 $1,600,000,000 $1,400,000,000 $1,200,000,000 $1,000,000,000 $800,000,000 Digest Decreased by $104M, -9.3% Digest Grew by $428M, 42% Digest Grew by $343M, 45.8% $600,000,000 $400,000,000 $200,000,000 $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total Digest

Millage Rate History Rollback Rate Adopted Rate 4.8 4.64 4.6 4.59 4.5 4.5 4.4 4.4 4.4 4.39 4.39 4.39 4.39 4.37 4.37 4.36 4.34 4.34 4.32 4.32 4.32 4.32 4.27 4.2 4.15 4.15 4.05 4.05 4.05 4 3.88 3.87 3.87 3.8 3.6 3.4 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Annual Impact of Adopted Millage vs Holding Millage $209,593 $77,167 $50,594 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ($19,958) ($20,454) ($44,413) ($52,263) ($76,725) ($121,510) ($208,376) ($241,777) ($244,486) ($250,490)

Compounding Impact (w/ 4.5 Millage Base) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ($76,725) ($107,574) ($114,607) ($121,264) ($132,950) ($139,369) ($179,622) ($182,140) ($199,860) ($398,506) $ (3,600,433) ($546,795) ($554,804) ($846,218)

2018 Property Tax Budget Adopted Est Revenue @ 4.0 Variance To Budget Millage Budget 2018 Property Taxes $4,950,000 $5,337,131 $387,131.00 Adopted Est Revenue @ Variance to Budget 3.87 Millage Budget 2018 Property Taxes $4,950,000 $5,163,675 $213,675.00 Adopted Est Revenue @ Variance to Budget 3.78 Millage Budget 2018 Property Taxes $4,950,000 $5,043,589 $93,589.00 93% Collection Rate

Potential Budget Impacts TAVT Revenue Hiring of Fire Fighters Establishment of Leisure Services Additional Beautification Crew Downtown Sanitation Supplement Trolley Operations Unknown Health Insurance Other Employee Requests Potential Pay Increase

TAVT Revenue $1,600,000 $1,474,000 $1,400,000 $1,200,000 $1,159,543 $1,153,165 $1,102,344 $1,000,000 $1,037,383 $948,209 $885,404 $800,000 $832,934 $600,000 $400,000 $200,000 $0 2013 2014 2015 2016 2017 2018 2019 2020 It is estimated that HB329, adopted in the 2018 Legislative Session and effective July 2019 will impact TAVT collections by an estimated $500,000 by 2020.

Why the decrease to TAVT? Under the existing law, Newnan receives approximately 9% of the total TAVT dispersed in Coweta County. This is based upon current LOST and SPLOST distribution formulas. Under the new law, city’s will receive 23% of the vehicles registered WITHIN THEIR CITY. Based on data from the Tax Commissioner, it is estimated that Newnan has 20% of the vehicles in the County. 20% x 23% equals a 4.6% share The local share is increasing from 51% to 65%, but Cities are not the beneficiary of the increase. In order to maintain closer to a 9% share, the % of vehicles registered in Newnan would need to be closer to 40%.