Public Hearings on the FY 2019 Proposed Budget and Proposed Real Property Tax Increase
The City Council will hold two public hearings on Wednesday, April 25, at 6:30 PM in the Community Center Auditorium. The first will be a hearing on the FY 2019 proposed property tax rate. The second will be a hearing on the FY 2019 proposed budget.
All interested residents should attend the hearings and sign up to speak. Written comments may be submitted to the City Clerk for distribution to the City Council. Email email@example.com.
Note the early start time for the public hearings. They will begin at 6:30 PM. The proposed budget is available for review online.
CITY OF TAKOMA PARK NOTICE OF A PROPOSED
REAL PROPERTY TAX INCREASE AND PUBLIC HEARING
The City Council of the City of Takoma Park proposes to increase real property taxes.
1. For the tax year beginning July 1, 2018, the estimated real property assessable base will increase by 5.38%, from $2,269,258,527 to $2,391,297,820.
2. If the City of Takoma Park maintains the current tax rate of $0.5348 per $100 of assessment, real property tax revenues will increase by 5.38% resulting in $652,666 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 $0.5075, 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 $0.545 per $100 of assessment. This tax rate is 7.39% higher than the constant yield tax rate and will generate $896,578 in additional property tax revenues.
A public hearing on the proposed real property tax rate increase will be held at 6:30 pm on Wednesday, April 25 in 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.
NOTICE OF PUBLIC HEARING ON THE FY 2019 PROPOSED BUDGET
Immediately after the public hearing on the real property tax rate, the City Council will hold a public hearing to receive comments on the FY 2019 Proposed Budget. The proposed budget may be viewed online.