FY22 Tax Rate and Budget Public Hearings - Wednesday, April 28, 2021
The City Council will hold two public hearings on Wednesday, April 28, beginning at 7:30 PM.
The first public hearing will be on the Proposed FY22 Tax Rate. The second hearing will be on the Proposed FY22 Budget.
CITY OF TAKOMA PARK, MARYLAND 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, 2021, the estimated real property assessable base will increase by 1.9%, from $2,530,093,068 to $2,578,704,873.
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 1.9% resulting in $262,358 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 $0.5295, 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
$0.55 per $100 of assessment. This tax rate is 3.9% higher than the constant yield tax rate and will generate $528,635 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 28, 2021. Due to the public health crisis, the meeting will take place remotely. Comments may also be sent to firstname.lastname@example.org.
The hearing is open to the public, and public testimony is encouraged. Sign up to testify at the hearing on Zoom. Persons with questions regarding this hearing may call 240-723-0437 or email email@example.com for further information.