City of Savannah 2021 Property Tax Millage Rate and Financial Update
The City of Savannah's 2021 property tax millage rate, key financial updates, and budget development details are outlined in this content. Explore the city's largest revenue source, taxable property digest results, and the impact of new construction on the budget. Learn about the process for setting the final millage rate and compliance with state requirements. Dive into the 2022 budget development using the 2021 adopted millage rate.
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Presentation Transcript
FY 2021 Final Millage Rate City of Savannah / FY 2021 Mid-Year Financial Update
Property Taxes General Fund s largest revenue source 38.1% of the 2021 adopted budget $76,459,411 budgeted for 2021 in collections across all types Values set by the County Assessor s Office Millage rate adopted by Mayor and Aldermen of City of Savannah Process dictated by state law Millage rate applies to: Real property Land and buildings Personal property Boats, business furniture & fixtures, aircraft, etc Public utilities Airlines, telephone, electric, etc Railroad equipment Mobile homes Legacy vehicles City of Savannah / FY 2021 Mid-Year Financial Update
2021 Millage Adoption 2021 Adopted Budget sets a tentative millage rate for budget development purposes (12.739) December 2020 County Assessor s office completes development of the taxable property tax digest June 2021 City of Savannah sets a final millage rate for 2021 and complies with all State of Georgia requirements for adoption July & August 2021 Legally required notices published in newspaper beginning July 13, 2021 Public hearings and final rate adoption: July 22, 2021 (workshop and council meeting) August 12 (workshop and council meeting) Second installment property tax bills are issued September 2021 Second installment property tax bills are due November 2021 2022 Budget Development using 2021 adopted millage City of Savannah / FY 2021 Mid-Year Financial Update
City of Savannah 2021 Digest Results 2016 2017 2018 2019 2020 2021 5,121,455,307 $ 5,404,507,519 $ 5,640,928,799 $ 5,968,804,280 $ 6,142,815,045 $ 6,545,930,833 $ Net taxable digest 0.46% 5.53% 4.37% 5.81% 2.92% 6.56% Total annual change $ 24,669,610 87,564,760 $ 99,552,823 $ 54,090,259 $ 185,712,822 $ 229,793,089 $ Value of new construction Modest growth has occurred each year since 2013, annual average of 4.28% Much of the growth in 2021 is attributable to new construction, $229,793,089 2021 digest includes 100% level 1 freeport exemption and exemption of ecommerce fulfillment centers Due to COVID19 s economic impacts, the assumed collection rate was reduced for projections from 91% to 86% City of Savannah / FY 2021 Mid-Year Financial Update
Property Tax Projections: Millage Rate Taxable Assessed Value 2021 Revenue Projection 2021 Adopted Budget Variance with Budget 2021 budgeted millage rate 12.739 6,545,930,833 $ 71,877,491 $ 69,881,411 $ 1,996,080 $ 12.401 6,545,930,833 $ 69,970,388 $ 69,881,411 $ $ 88,977 Rollback rate* *Rollback rate = the property tax millage rate that will raise the same amount of property tax revenue in the new year as it did in the prior year. City of Savannah / FY 2021 Mid-Year Financial Update
Resolving the Projected 2021 Deficit Based on the 2021 adopted budget, the General Fund revenues and expenses were balanced with a draw from reserves of $11,099,234. The 2021 digest growth will provide $1,996,080 in additional projected 2021 revenues which would reduce the planned draw to $9,103,154. The remaining 2021 projected deficit of $9,103,154 will be covered increased 2021 tax collections (LOST, hotel/motel, etc.) due to the economic recovery, expenditure reductions and by grant funds received from the US Treasury s Coronavirus Local Fiscal Recovery Fund. City of Savannah / FY 2021 Mid-Year Financial Update
2021 Property Tax Calendar City of Savannah / FY 2021 Mid-Year Financial Update
