Property Tax Reduced to Zero in City's New Budget

The new city of Peachtree Corners has just posted its proposed budget for the next fiscal year - and it should be good news for every property tax-paying citizen.

In the city's budget for fiscal year 2013-2014, the millage rate has been reduced to zero! That's down from the .75 millage rate in the city's budget for its first year in operation.

"During the Yes! Campaign, we envisioned a time when it would be more cost effective to live in the City than in unincorporated Gwinnett County. I am gratified that in our second year, this has been achieved," said Mayor Mike Mason.

"Over time, I believe the innovative limited service City concept will continue to be a cost effective approach to local government," he added.

City Manager Julian Jackson said there will be a public hearing on June 18 at the City Council meeting for citizens to address the council about the proposed budget. And on July 2, the council will vote on adopting the budget.

"Right from the beginning the mayor and City Council has been committed to lower taxes," said Jackson who added that the council has been dedicated to providing a high level of services to its citizens but in the least costly manner.

In his letter to the mayor and City Council Jackson explained: "One measure of a city's financial strength is the level of its balances (i.e. revenues in excess of expenditures). The city's fund balance at the end of FY 2012-2013 is estimated to be in excess of $2.5 million. This represents 67 percent of FY 2013-2014 general fund revenue."

Jackson said the 20.6 tract which the city purchased for $11,500,000 will be sold and developed according to the Comprehensive Plan which is expected to be complete within the next three to four months.

A copy of the city's proposed budget is included with this story. Click on the PDF below the photo to view and print.  You may also find a copy on the city's website.

What do you think of the city's new budget? Were you surprised that the millage rate has been eliminated? Use the comment box below to respond.