Porterdale Discussing Tax Anticipation Loan
Porterdale, a small town adjacent to Covington in Newton County, Georgia, is considering a small loan to tide it over until tax revenues start rolling in. The long-term hope is that the city can avoid a tax of almost double last year’s rate:
Fox said if the council approved this measure, they would not need to adopt a millage rate of 14.26 as proposed earlier in the month as a solution to the budget gap. Instead the city would adopt a rollback rate of 9.156, which is actually higher than the current millage rate, but would not result in higher tax bills because of depressed property values.
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