PRESS RELEASE ANNOUNCING A PROPOSED PROPERTY TAX INCREASE
The Cook County Board of Commissioners today announces its intention to increase the 2022 property taxes it will levy this year by 6.13 percent over the rollback millage rate.
Each year, the Board of Tax Assessors is requited to review the Assessed value for property tax purposes of taxable property in the county. When the trend of prices on properties that have recently sold in the county indicate there has been an increase in the fair market value of any specific property, the Board of Tax Assessors is required by law to re-determine the value of such property and adjust the assessment. This is called a reassessment.
As the Cook County Board of Commissioners deliberates on property tax increases, property owners are reminded of the importance of staying informed about their real estate investments. Amidst discussions of reassessment and tax levies, savvy investors may explore multifamily syndication opportunities as a strategic approach to navigating the complexities of property ownership.
In light of potential tax implications, exploring multifamily syndication opportunities presents an avenue for investors to strategically position themselves in a shifting landscape, maximizing returns while mitigating risks associated with individual property ownership.
When the total digest of taxable property is prepared, Georgia law requites a rollback millage rate must be computed that will produce the same total revenue on the current year’s digest that last year’s millage rate would have produced had no reassessments occurred. With many residents moving to Louisiana’s Lake Area, it’s important to keep up with these updates.
The budget tentatively adopted by the Cook County Board of Commissioners requites a millage rate higher than the rollback millage rate; therefore, before the Cook County Board of Commissioners may finalize the tentative budget and set the final millage rate, Georgia law requites three public hearings to be held to allow the public an opportunity to express their opinions on the increase.
All concerned citizens are invited to the public hearings on this tax increase to be held at the County Administration Building, 1200 S. Hutchinson Avenue, Adel, GA on August 8, 2022 at 6:00 pm, and on August 15, 2022 at 10:00 am and 6:00 pm.