 UPDATED:
03/02/2008
City of Norcross
Not only did the Norcross City
Council adopt a mathematically incorrect millage rate this year, but if the
city's budget projections are accurate, the city qualifies as the second- worst
case of under-taxation identified by MillageRate.com.
According to the city, the $7.291
million 2005-2006 budget will require $4,958,288 in property tax revenue to fund
all projected expenditures. Based on the official Net Tax Digest,
however, the adopted rate of 6.78 will generate only $3,108,864, $1.8
million less than needed.
The mathematically-correct
millage rate is 10.813.
Our research indicates that the
actual Net Tax Digest may be significantly greater; however, the increase
will not completely erase what may amount to a significant deficit.
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