Where do your property taxes go?

If you’re a homeowner in the City of Roswell you pay taxes every year. But where do your property taxes go? What is a millage rate any way? And, if you thought most of your property tax goes to the city, you’d be wrong. Only 15% stays in Roswell. The rest, in round, approximate numbers, goes to  Fulton County schools (55%) and Fulton County (30%).

Roswell Median Home Price and Property Tax Breakdown

According to Redfin, the average median sales price for a home in Roswell is $560,000. To calculate property taxes, 40% of your home’s assessed value is used. Using the median home sales price of $560,000, 40% of that value equals $224,000.  That $224,000 is then calculated by multiplying it by the millage rate. One mil =  tax liability of one dollar per $1,000 of assessed value.

The math looks like this:

$560,000 (Roswell Median Sales Price
x .40 (Fair Value Assessment)
= $224,000 (40% of your home’s fair value assessment)

Then, multiple $224,000 by the millage rate approved by the City of Roswell, which is 4.463 mills.  When multiplied you get $224,000 x .004463 = $991.71

Roswell Boasts of Millage Rate Rollback

According to the Georgia Department of Revenue, “The tax rate, or millage, in each county is set annually by the board of county commissioners, or other governing authority of the taxing jurisdiction, and by the Board of Education.  A tax rate of one mill represents a tax liability of one dollar per $1,000 of assessed value.  The average county and municipal millage rate is 30 mills.”

Roswell City Council approved a property tax rate for fiscal year (FY) 2023 of 4.463 mills during their meeting on Monday, Sept. 12.  Roswell Mayor Kurt Wilson boasted, “The new property tax rate is 5.4 percent lower than last year’s rate and the lowest the rate has been in 35 years. The 4.463 rate represents the “rollback rate,” which was specifically computed to offset inflationary increases in property values. Residents should see no increase in their City property tax bill compared to last year.”

Mayor Wilson added that Roswell has the second lowest millage rate in North Fulton behind only Johns Creek. However, while the new property tax rate is 5% lower than last year, median home values rose more than 12%