Tax Rate FY 04-05
When the City of Conyers adopts its annual budget, it determines the tax rate that must be applied on property in order to generate the necessary revenue in addition to all other sources that are available. The tax rate for the City of Conyers for FY 2004 is 9.9 mills, or $9.90 per $1,000 of taxable value. The Rockdale County Tax Assessor establishes the market value of all property in the city. The city has no control over the market value established by the Tax Assessor; it only has control over the tax rate that is levied. The assessed value, (the value used for taxation) equals 40% of the market value One mill is equal to $1 for each $1,000 of assessed property value. Thus, for a $100,000 home, (market value), 40% or $40,000 would be considered the assessed value of the property.
City of Conyers residents are eligible for a $13,000.00 homestead exemption for the 2004 tax year. Once property values are received from the County Tax Assessor, $13,000.00 is subtracted from the assessed value leaving what is known as the taxable value or net assessment. The taxable value is that amount upon which the property tax rate is applied. Homeowners are only eligible for the exemption if the property is their primary residence. Vacation and rental properties are not eligible for homestead exemption. With the current millage rate of 9.9, property taxes on a $100,000 home to which the $13,000 homestead exemption is applied would be, $267.30.
Manufacturers' inventory is exempt 100% from property tax in Rockdale County under the local option Freeport law. Manufacturing production machinery is also exempt from state and local tax.
Three classes of inventory are fully exempt from taxes: raw materials, goods in process and finished goods held for out of state shipment.
Georgia provides credits against corporate income tax for qualifying industries for five full years.
To learn more, visit the State of Georgia's website: www.georgia.org.
City of Conyers Millage Rate: 9.9
Incentives
The City of Conyers, through its Development Authority, can issue Industrial Revenue Bonds (IRB's). Manufacturers can finance land, buildings and equipment through the issuance of fixed or variable rate IRB's that can be as much as 3 points below the prime interest rate. Projects of at least $10,000,000 are tax exempt to bondholders residing in Georgia but are taxable at the federal level. For projects less than $10,000,000 the rates are the lowest as these bonds are tax exempt for the purchaser.
Quick Start Training
Georgia provides free training and screening of future employees for prospective new businesses and in some instances for expanding industries as well.
Tax Credits for Jobs/Investment
Georgia provides credits against corporate income tax for qualifying industries for five full years. Some companies have literally saved millions of dollars in state taxes using this program. More information on tax credits can be found at the State of Georgia's website: www.georgia.org.
Local Incentives
The City of Conyers generally does not offers incentives to new industry. Community leaders utilize tax revenues to build infrastructure, fund public education and provide for the welfare of the citizenry. However, in certain compelling instances, elected officials will consider extenuating circumstances based primarily on the number of jobs created and the overall investment in land, building and equipment.