Wednesday, May 4, 2016

State Property taxes hold steady

...The three-member [Board of Public Works] panel voted to maintain the state property tax rate of 11.2 cents per $100 of assessed value on real property and 28 cents per $100 on public utilities.
The action comes a week after the State Commission on Debt recommended last week to hold the line on the tax rates for the fiscal year that begins July 1.
The state started issuing more bonds in 2009 under then-Gov. Martin O’Malley as a way to free up cash from programs such as Program Open Space and the Chesapeake Bay Trust Fund to offset structural budget deficits amid a deep national recession.
Since then, the gap between what is owed and what is covered by property tax collections has been growing.
This year the state needed nearly $252 million in general fund dollars to make the required payments. Projections for fiscal 2018 show that gap is projected to increase to $356 million — an amount that surpasses state spending on school construction. By fiscal 2021, that amount grows to $521 million — nearly twice the projection for the current budget year...

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