My point is you can't just look at the millage rate. Your taxes are your assessed value times the millage rate. There is no reason why the millage rate would have been tied to the CPI so I don't understand your point in making that comment. If the millage rate didn't change and the assessed value of each home didn't change, the county would realize about a 4% increase in revenue from the 2400 new homes built in Sumter each year. You can get any tax revenue you want by modifying the assessed value so concentrating on just the millage rate is not useful. The millage rate has been rolled back in the past after the total assessed values were determined to hit a specific revenue target. You also need to consider changes to the assessed values. I thought that was clear enough.
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Originally Posted by Aw Man
I'm not sure what point you are trying to make. It's the county commissioner's proposed 25% increase to last years millage rate that has many of the posters upset or concerned.
Several posters have said they believe the commissioner's budget process seems arbitrary or flawed and they feel it would be better if annual changes to the millage rate were tied to the CPI.
My post above just makes the point that if the commissioners had used the CPI the last 6 years we would not have had 6 years of decreased millage rates and next years millage rate would actually be higher, at 7.018, than it will be if the current proposed millage rate of 6.7 is approved.
Yes, your total annual property tax amount is determined by dividing the taxable value of your property by 1,000 and then multiplying the result by the millage rate. But the county commissioners and their proposed 25% increase have nothing to do with establishing the taxable value of your property.
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