If there was ever any doubt, appraised property values in the Putnam County Tax Assessors office’s 2023 tax digest make clear that Putnam has become a residential county. Not dominantly agricultural, as it was in the 19th century; not industrial; not even commercial and services. Residential.
“Definitely, no doubt, big time,” agreed Chuck Anglin, the county’s chief appraiser.
A couple of weeks ago, the tax assessor’s office forwarded its annual tax digest to the county’s three taxing authorities: county commissioners, the school board, and the much smaller digest of city properties to the Eatonton City Council.
The 2023 gross digest (not including exemptions) comes to $2.68 billion worth of all types of the county’s properties. That figure nearly doubles the $1.44 billion gross digest of just six years ago. This year’s figure also marks the third year in a row with an eye-popping 20-percent increase over the previous year.
Virtually all the gross digest – $2.65 billion – falls in the category of real and personal property. Motor vehicles, mobile homes, timber, and heavy-duty equipment account for only $29 million. In that category of real and personal property, the lion’s share -- $2.02 billion – comes from residential property. By comparison, commercial properties account for only about $200 million and industrial properties, for $80 million in Putnam County.
Sales of high-end lake properties, particularly around Lake Oconee, have led to the surge in Putnam’s digest values over the last three years, Anglin said.
In the next month, the three taxing authorities will hold hearings on their upcoming budget needs for the coming year. They will then set millage rates against the net digest values (minus various exemptions, such as homestead, over-70 homestead, conservation use, and forest land) to produce the needed revenues.
The exemptions this year have also seen a sizeable increase, from $369 million last year to $539 million this year.
While millage rates will no doubt be lower this year because of the increase in the digest, both the county and school board have already projected increases in individual property taxes. The county is tentatively asking for a millage increase of .941 mills.
The school board tentatively foresees a 5.3 percent increase in individual tax bills.