Public Hearing on a Proposed Real Property Tax Increase (April 27)
The City Council of the City of Takoma Park proposes to increase real property taxes.
1. For the tax year beginning July 1, 2016, the estimated real property assessable base will increase by 6.0%, from $1,980,734,983 to $2,099,990,347.
2. If the City of Takoma Park maintains the current tax rate of $0.585 per $100 of assessment, real property tax revenues will increase by 6.0% resulting in $697,644 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 $0.5518, the constant yield tax rate.
4. The City of Takoma Park is considering not reducing its real property tax rate enough to fully offset increasing assessments. The City of Takoma Park proposes to adopt a real property tax rate of $0.585 per $100 of assessment. This tax rate is 6.0% higher than the constant yield tax rate and will generate $697,644 in additional property tax revenues.
A public hearing on the proposed real property tax rate increase will be held at 7:30 p.m. on April 27, 2016 at the Takoma Park Community Center Auditorium, 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.