...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...
http://thedailyrecord.com/2016/04/27/md-board-of-public-works-holds-line-on-state-property-taxes/
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