The City of Savannah's 2024 Adopted Budget and Capital Improvement Plan was balanced using a millage rate assumption of 12.20 mills. The millage rate, along with the taxable digest, compiled by the Chatham County Board of Assessors, is used to calculate property tax bills for budget year 2024. The Board of Assessors recently released the 2024 Tax Digest, which indicated a 10.9% overall increase in property assessments (net digest) throughout the City of Savannah. New growth and other changes in 2024 increased 1.8% compared to 2023 and the value of reassessments grew 9.1% over that same timeframe.

State law requires taxing entities that experience an increase in the tax digest due to reassessments, to calculate a “rollback rate.” The rollback rate is a millage rate that will generate the same amount of revenue as the previous year’s millage rate minus new construction or annexation. The City’s rollback rate for 2024 is 11.196 mills. The proposed millage rate of 12.20 mills for 2024 is unchanged from the final millage rate for 2023. While the proposed revenue ordinance amendment indicates a rate of 12.20 mills, Council may consider other millage rates simultaneously.

Members of the public are invited to attend three public hearings where public comment will be heard regarding the millage rate. These public hearings will held at City Hall on July 11th at 10:00 am and 6:00 pm, and on July 25th at 2:00 pm. Members of the public may also submit public comment electronically to clerkofcouncil@savannahga.gov. It is proposed that City Council amend the Revenue Ordinance of 2024; adopt a tax rate on real and personal property of 12.20 mills on the dollar (0.0122) or $12.20 per $1,000 in assessed value; and adopt a special service district tax rate for the Water Transportation District of .200 mills on the dollar (.0002) or $0.20 per $1,000 in assessed value.

No action needed - first reading only.