DeKalb Approves FY18 Midyear Budget
Wednesday, July 11th, 2018
The DeKalb County Board of Commissioners approved CEO Michael Thurmond’s FY18 midyear budget, which includes larger property tax cuts for county homeowners, increased spending for parks and an $89 million surplus or rainy-day fund. The final vote was 6-1 in favor of the amended midyear budget proposal.
“The FY18 midyear budget is another important example of our ongoing efforts to restore fiscal accountability, transparency and integrity in DeKalb County,” said CEO Thurmond. “With the support of the Board of Commissioners, the county has taken another positive step toward strengthening DeKalb’s economic footing, enhancing county services and providing financial relief to homeowners.”
The Equalized Homestead Option Sales Tax and the Special Purpose Local Option Sales Tax referendums were approved by 71 percent of the voters. EHOST will generate $110 million annually in residential property tax relief for six years as a result of cooperative efforts between DeKalb County and its 12 municipalities.
“The passage of the SPLOST referendum in November 2017 was a game changer for DeKalb,” said Thurmond. “We now have the ability to provide unprecedented tax relief to homeowners and invest nearly $400 million to improve roads, public safety, parks, libraries, senior centers and health centers.”
Due to the implementation of EHOST, the county anticipates that most DeKalb homeowners will pay substantially less in county property taxes this year than they did in 2017. For a $250,000 home, homeowners in most cities can expect county property taxes to decrease by at least one-third and up to two-thirds in some municipalities compared to 2017 taxes for a home of the same value. County property taxes for homeowners in unincorporated DeKalb and the cities of Stonecrest and Tucker would decrease by almost 12 percent.
DeKalb County is the only county in the state with an EHOST, which is 100 percent dedicated to homeowner tax relief. The millage rates as adopted in the midyear amendment resulted in larger property tax cuts for DeKalb County homeowners than originally estimated based on the previous millage rates proposed in the February budget.
|Estimated DeKalb County Property Tax Savings for a $250,000 Home1|
|2017 DeKalb County Net Tax Due2||2018 DeKalb County Net Tax Due (Original Estimate)3||Percentage Tax Cut (Original Estimate)||2018 DeKalb County Net Tax Due (Updated Estimate)4||Percentage Tax Cut (Updated Estimate)||Additional Reduction in Property Tax5|
|* Revised as of 7/9/18|
|1Estimates based on a homestead property with a fair market value of $250,000 and the basic homestead exemption of $10,000. Estimates are for DeKalb County property taxes only. Additional city and school system property taxes may apply.|
|2Based on 2017 adopted millage rates and HOST factor of 43.2%.|
|3Based on 2018 millage rates proposed in February adopted budget, HOST factor of 12.8% (applied to all county millage rates except General and Hospital), and combined HOST/EHOST factor of 85.2% (applied to General and Hospital millage rates).|
|4Based on 2018 millage rates proposed in midyear budget amendment, HOST factor of 12.8% (applied to all county millage rates except General and Hospital), and combined HOST/EHOST factor of 85.2% (applied to General and Hospital millage rates).|
|5Additional tax savings due to proposed millage rates in midyear budget amendment.|