MARIETTA — After suffering a $44 million dip in property values over the past decade, the City Council unanimously decided to disband the Franklin Gateway Tax Allocation District.
A Tax Allocation District freezes the tax digest in a defined area to what properties are worth at a specific time. Any increase in tax revenue over the years is put back into the district to update infrastructure and spur economic growth.
Mayor Steve Tumlin asked city staff for a report on the Franklin Gateway TAD that was established by the City Council in 2004, when properties in the defined area were valued at $161,623,725.
After reaching $196 million in 2006, the district is now at an all-time low at $117 million.
“The Franklin Gateway TAD has experienced a 27.4 percent decrease ($44 million loss) in value from 2004 to 2013,” according to a report by Beth Sessoms, Marietta’s director of economic development.