- Property taxes have remained steady despite a 67% rise in property values since 2013.
- The county relies on increased sales tax revenues and higher returns on surplus funds to lower the millage rate.
- Watch the video to see how lower property taxes are providing significant relief to homeowners and boosting the local economy.
BROADCAST SCRIPT
Another year, another property tax cut.
For the 11th year in a row, property taxes are being reduced.
I'm finding out how commissioners are making this happen and what it means for property owners here in Thomas County
Since 2013, property values in Thomas County have jumped by 67%, but property taxes have stayed the same.
As home values go up, the Tax Commissioners adjust the millage rate—the tax per $1,000 of property value to reflect that change. The Thomas County commissioners office have been reducing the mileage rate to keep the property taxes affordable to neighbors.
"We have to keep taxes at lower level as possible," said Stephenson.
County Manager Mike Stephenson says they rely on other revenue sources to lower the millage rate, such as sales tax revenues. That revenue grew by 3% from 2022 to 2023.
"Fortunately the sales taxes has been going up, there's been a lot of inflation so we do some surplus funds that we have invested so we've got a higher rate of return on investments and we have some other revenue sources that can balance it out," said Stephenson.
He tells me keeping property tax rates low provides much-needed relief to Thomasville homeowners.
Dierdra Bingham has owned her home in Thomasville for over 2 years now.
I asked her if what Stephenson says rings true.
"Oh yes, that's excellent and it's actually the taxes are relatively low. I did move back here from Atlanta and compared to the property taxes I was paying here, it's a really great rate," said Bingham.
Bingham tells me this helps boost our local economy.
"Overall, I think the city benefits because more people move here and they pay more taxes because they're buying more homes is it's a win win for the community," said Bingham.
Stephenson tells me these taxes are essential for keeping our community operational.
"We are a very personnel-intensive operation , we have to have the funds to do that, we have to be able to put these people eon the streets, we have a certain number of deputies, fire fighters, EMTS, paramedics, equipment operators, in order to keep them out there, we have to provide for them," said Stephenson
Thomas County board of commissioners will set the final 2024 tax rates on the 13th of August at 9:00 AM.
