2024 Tax Digest and 5-Year History of Levy

School Tax is calculated by the approved millage rate set by the Board of Education in conjunction with the assessed value of a residence. The basis for ad valorem taxation is the fair market value of the property as determined by the Tax Assessor’s Office.

 

Example: If a residence is valued at $400,000 (fair market value). The assessed value of the property is 40% of the fair market value. In the case of a $400,000 residence, the assessed value is $160,000.

 

The Banks County Board of Education receives state funds from the Georgia Department of Education each year. A portion of those state funds, known as Equalization, have rules, per the Official Georgia Code, that the School Board must follow to be eligible to receive the Equalization funds.   

 

Official Georgia Code 20-2-165-(9)(c) requires a minimum millage rate to qualify for Equalization.  Beginning July 1, 2019, school districts must have a millage rate of at least 14 mills. Banks County School System’s tentative millage rate for the FY25 budget is 14.00 mills.

 

The money brought into the Banks County School System through the local school property tax is used to pay salaries of employees (approximately 88% of the budget), fuel costs for transportation, maintenance and operations of school buildings, and other related costs to the system. Sales tax (ELOST funds) cannot be used for salaries and operations by law. 

 

Establishing property tax exemptions (including those for senior citizens) can only be done by way of the Georgia General Assembly and passed by both chambers and usually applies to those counties with a much larger tax base.