Columbus citizens will see a slight reduction in city ad valorem taxes in Fiscal Year 2024.
The city council approved at a Tuesday special-call meeting a total millage levy of 120.44 mills, a reduction of 0.75 mills from last year thanks to the Columbus Municipal School District.
A mill measures ad valorem taxes that are collected on personal and real property. For example, A 0.75-mill decrease would drop a homeowner’s tax bill by $7.50 per every $100,000 of appraised value.
According to Chief Financial Officer James Brigham, the city’s levy will remain the same at 54.11 mills.
There are a few fluctuations in that figure, Brigham explained.
“We had to raise the mill rate for the firemen and police relief fund,” Brigham said. “The good news is that the general obligation mills that we need actually went down, and so between the two of them we could keep the mill rate the same.”
The city levy includes 38.42 mills for operations, 5.38 mills for the disability and relief fund for firemen and policemen and 10.31 mills to fund general obligation bonds.
CMSD is decreasing its funding request by what will amount to 0.75 mills to reflect debt that has been paid off over the last fiscal year.
Its debt request will take 13.08 mills to service.
The district is asking for 53.25 mills for operations, for a total of 66.33 mills. It is balancing its budget by dipping into its fund balance to the tune of about $460,000.
The council approved the tax rate unanimously with no discussion.
The city is projecting a FY 24 budget that includes $26,023,849 in expenditures and $26,721,010 in revenues. While that is an increase of more than $2 million in revenue over FY 23, the city is projecting growth in sales tax collections as well as higher ad valorem tax receipts due to an $8,000 bump in the value of a mill.
The city must adopt a budget by Sept. 15.
Brian Jones is the local government reporter for Columbus and Lowndes County.
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