Aiken City Council begins process of rolling back millage rate
Oct. 26—The Aiken City Council on Monday night preliminarily approved rolling back the city's millage rate, a measure used to calculate taxes, in line with state law and new data provided by the county.
City Council's initial decision to bring the millage down to 60, from 62, was unanimous. A second vote is needed to lock it in.
The new figure is the product of reassessment, Aiken County's recent reevaluation of property values.
A previous review happened in 2016.
"Based on the cumulative values in our tax digest, keeping our millage at 62 mills is prohibited by state law, as there has been a 14% increase in our tax digest's assessed values," City Manager Stuart Bedenbaugh explained in a memo to City Council members. "Council has not raised the millage rate since 1989, and this is the sixth time the millage rate has been reduced since then."
At 60 mills, a $200,000 residential property would be taxed $480.
The change would not jeopardize the budget, according to Finance Director Kymberley Rooks, and would be enough to make up for the road maintenance fee, which was repealed in August.
Tax revenue accounts for one-third of the city's general fund, its main pool of money for operations.
Approximately 85% of parcels in the city increased in value, according to Bedenbaugh. About 10% decreased in value.
"The overwhelming majority of property in the city reflects, I guess, what the real estate market is showing," the city manager said.
City Council member Andrea Gregory was absent Monday.
