Will DeKalb Bill To Lower Property Taxes Offset School Bond Tax Increase?
Decatur Metro | March 11, 2015 | 12:09 pmSo throw this recent development at the Georgia Capitol today onto the discussion pile as we begin debating the merits of a Decatur tax increase to build more school infrastructure.
The AJC reports that the Georgia House of Representatives passed a bill this morning that will increase the sales tax in DeKalb County to 8%, matching Fulton County’s current rate. The tax would raise about $100 million a year for capital improvements around the County.
But that’s not all — the legislation would also use the EXISTING 1 penny sales tax to reduce county residents’ property taxes.
How much money are we talking here? Well, luckily Rep. Mike Jacobs used Decatur in his hypothetical example…
For example, property taxes would decrease by $625 on a $300,000 home in Decatur, Jacobs said. On a $500,000 Decatur home, property taxes would drop $1,065.
So, it seems like if this bill were to pass, it would more than offset the increase Decatur residents would see if they approved a $82 million GO Bond for the school system. Tax increase estimates for the GO Bond have been estimated in the range of $667 – $864 on a $500,000 home, depending on the amortization period.
The bill now advances to the Georgia Senate for consideration.
Photo: Georgia Capitol by Connor.carey at via Wikimedia Commons