Public Hearings on the FY 2018 Tax Rate and Proposed Budget - Wednesday, April 26, 2017
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, 2017, the estimated real property assessable base will increase by 5.9%, from $2,120,994,549 to $2,246,294,286.
2. If the City of Takoma Park maintains the current tax rate of $0.5675 per $100 of assessment, real property tax revenues will increase by 5.9% resulting in $711,076 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 $0.5358, 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 $0.56 per $100 of assessment. This tax rate is 4.5% higher than the constant yield tax rate and will generate $542,604 in additional property tax revenues.
A public hearing on the proposed real property tax rate increase will be held at 7:30 PM on Wednesday, April 26 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.
PUBLIC HEARING ON THE CITY MANAGER’S PROPOSED FY 2018 BUDGET
The City Council will hold a public hearing on the City Manager’s Proposed FY 2018 Budget. The Proposed Budget is available for review online.
The hearing will take place on Wednesday, April 26, immediately after the 7:30 PM hearing on the proposed real property tax rate increase.
All interested persons should attend the hearing and sign up to speak. Comments may also be sent to firstname.lastname@example.org.
Attest: Jessie Carpenter, CMC