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Council explains new state ‘estimated rollback rate’ and says Talking Rock’s rate will remain under 2 mills

3824693 · June 14, 2025
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Summary

Officials summarized a new state requirement — enacted in 2025 by House Bill 581 and revised by House Bill 92 — that introduces an "estimated rollback rate" for property tax notices. The council said Talking Rock’s estimated rollback rate is 1.981 and that it will not change the town’s millage this year.

Town officials explained the state’s new “estimated rollback rate” requirement and told residents that Talking Rock’s estimated rollback rate for the coming year is 1.981 mills, meaning the town does not expect a millage increase under the new format.

Why it matters: Under recent state legislation, counties and municipalities must certify an estimated rollback rate by a statutory deadline so property owners’ annual notices of assessment (NOA) can include the rate. The estimate is intended to provide more accurate previews of millage changes and, if jurisdictions do not certify a rate, a fallback provision applies.

At the meeting, a council member read a prepared statement explaining that House Bill 581 (2025) created the estimated rollback rate to give local governments more flexibility and that House Bill 92 added a deadline and fallback if a jurisdiction fails to certify. The council’s reading clarified that the estimated rollback rate is the current year’s estimated millage rate for general maintenance and operations minus the millage equivalent of net added value from reassessments. The council said the NOA, if the estimated rollback rate is certified by the deadline, will show the current year's value, exemptions and net taxable value but will not include an estimated tax dollar amount.

Town officials said Talking Rock’s estimated rollback rate is currently 1.981 mills and recommended the council remain at that rate for the next tax year. The council opened the matter for questions and said the item was largely a formality under the new law.

Ending: Councilors recommended certifying the estimated rollback rate as 1.981 for the coming year and said staff will proceed with required notifications.