Tyrone adopts low tax rate again this year
When it comes to avoiding property tax increases or avoiding tax rollups to make up for lower property values due to the recession, Tyrone is the place to be. The Tyrone Town Council on Aug. 30 held firm on the millage rate again this year. The council voted to use available reserves to make up the $113,000 decrease in tax revenue from the falling tax digest and leave the millage rate at 2.889 mills.
Maintaining the 2.889 millage rate by using a portion of its reserves means that Tyrone property owners avoided what would have been a millage rate roll-up to 3.289 mills, equal to a 12.18 percent increase.
Net taxes levied for 2011 totaled $1.029 million, but for 2012 that amount decreased to $914,963. The reason for the decrease came in large part from declining revenues brought about by falling property taxes as the recession continues to fuel decreases in property values in Tyrone and across Fayette County. The value of Tyrone’s real and personal property in 2011 totaled $342,593,921 compared to 2012 when values fell to $300,954,772.
Tyrone several years ago committed itself to maintaining a significant amount of reserve funds to help weather the U.S. recession that ended officially in July 2009 but continues to take its toll locally and throughout Georgia and the nation. Falling property values across Fayette County resulted this year in a decrease of more than 10 percent of the value of all property in the county, known as the tax digest.