Ringgold
3.0 mills), it still marks three consecutive increases after not having one for a number of years.
Two years ago, the council raised the rate 0.08 mills, from 2.683 for 2014 to 2.763 for 2015, a 2.98 percent increase.
City officials say the recent increases are an attempt to recoup lost revenues the city experienced in the wake of the 2011 tornado that ravaged the town.
Cities like Ringgold and Fort Oglethorpe assess property taxes based on county-assessed values and rates established by the municipal governing authority.
For example, the assessed value of a home is 40 percent of the fair market value (FMV), meaning that the assessed value of a $100,000 home would be $40,000. In a county where the millage rate is 25 mills the property tax on that house would be $1,000 — $25 for every $1,000 of assessed value, or $25 multiplied by 40 is $1,000.
The new increase would cause a home valued at $125,000 to see a $7.60 hike.