VALDOSTA, Ga. (WTXL) — A delay in property tax billing in Lowndes County, Georgia, has resulted in the Valdosta City Council taking a vote Thursday on a $3 million tax anticipation note.
Valdosta’s Assistant City Manager Mark Barber said the vote is a “precautionary move” and will not fund the day-to-day operations of the city. The tax anticipation note would be sold to the Bank of America and would be paid off within the calendar year, he added.
The city projects bringing in about $8 million total from the property tax, so the $3 million tax anticipation note the council is voting on would be extra money available for the city to dip into as it is waiting to receive property taxes.
Property tax billing in Lowndes County was delayed by protests and notification of thousands of residents about an increase in the county property tax, Barber told WTXL ABC 27 on Tuesday.
“We have huge capital projects going on; if there was some weekend that we would need more cash, then we want something to dip into if we need to,” Barber said.
