Tuesday, July 30, 2024–6:34 p.m.
-Adam Carey, Rome News-Tribune-
This story is possible because of a news-sharing agreement with the Rome News-Tribune. More information can be found at northwestgeorgianews.com
The value of all taxable property in Floyd County increased 9% from 2023 to 2024, according to the tax digest approved by the Floyd County Board of Assessors Monday.
A similar estimate has already been reflected in budget projections for both Floyd County and the City of Rome. It continues the upward trend in property values across the state.
The tax digest will be submitted to Floyd County Tax Commissioner Kevin Payne, who will verify the info and submit it to the state.
Since 2016 the value of all taxable property in Floyd County, called the net digest value, has increased from $2.7 billion to $4.3 billion, approximately 58%. The net digest value is the gross value of all property minus exemptions, which have also grown significantly in the same period of time.
The issue, at least for property owners, is that the exemptions don’t cancel out the tax burden, it shifts that burden to taxpayers without exemptions.
“Tax exemptions simply shift the tax burden from one taxpayer to another,” Floyd County Chief Tax Appraiser Danny Womack said. “And there are several exemptions which can be combined, so it can get a little complicated.”
In 2016 there was approximately $335 million in various property tax exemptions, mostly because of state and local resolutions. The Homestead exemption, for example, reduces the tax on the primary residence of a property owner.
The value of all exemptions in Floyd County has increased from $335 million in 2016 to $1.2 billion in 2024, an increase of 259%.
There also are exemptions that apply to church properties, county and city properties and properties of the spouses of veterans or public safety officers who have been killed in the line of duty.