Budget Public Hearings - Monday, May 1, 2023 (including Constant Yield Tax Rate Public Hearing)
The City Council will hold two public hearings on Monday, May 1, beginning at 7:30 pm.
A. Public Hearing on the FY 2024 Tax Rate Increase
CITY OF TAKOMA PARK NOTICE
OF A PROPOSED
REAL PROPERTY TAX INCREASE
The City Council of the City of Takoma Park proposes to increase real property taxes.
1. For the tax year beginning July 1, 2023, the estimated real property assessable base will increase by 4.1%, from $2,688,034,783 to $2,798,767,009.
2. If the City of Takoma Park maintains the current tax rate of $0.5397 per $100 of assessment, real property tax revenues will increase by 4.1% resulting in $597,622 of new real property tax revenues.
3. In order to fully offset the effect of increasing assessments, the real property tax rate should be reduced to $0.5183, the constant yield tax rate.
4. The City is considering not reducing its real property tax rate enough to fully offset increasing assessments. The City proposes to adopt a real property tax rate of $0.5705 per $100 of assessment. This tax rate is 10.1% higher than the constant yield tax rate and will generate $1,459,642 in additional property tax revenues.
A public hearing on the proposed real property tax rate increase will be held at 7:30 pm on Monday, May 1, 2023 at the City of Takoma Park Community Center, 7500 Maple Avenue, Takoma Park, Maryland.
The hearing is open to the public, and public testimony is encouraged.
Persons with questions regarding this hearing may call 301-891-7267 for further information.
B. Notice of Public Hearing on the FY 2024 Budget
The City Council will hold a public hearing on the FY 2024 budget on Monday, May 1, immediately following the Constant Yield Tax Rate Public Hearing.
C. How to Testify
Testify in person. Advanced sign up is not required, but feel free to sign up on the sheet when you arrive at the Auditorium. People who sign up will be called before others.
Testify over Zoom. To testify over Zoom, advanced registration is required before 5 pm on the day of the meeting. Register to testify over Zoom.
Send written comments. Send written comments to the City Clerk (clerk@takomaparkmd.gov). Written comments received will be distributed to the City Council and will be added to the record.
Questions? Call the City Clerk at 301-891-7267 or email clerk@takomaparkmd.gov.
