MONTGOMERY COUNTY NOTICE OF A PROPOSED REAL PROPERTY TAX INCREASE (and notice of your right to testify)

The County Council of Montgomery County proposes to increase real property taxes.

1. 1. For the tax year beginning July 1, 2023, the estimated real property assessable base will increase by 2.9%, from $210,639,687,085 to $216,739,524,527.
   
2. If Montgomery County maintains the current tax rate of $0.6940 per $100 of assessment, real property tax revenues will increase by 2.9% resulting in $42,332,872 of new real property tax revenues.
3. In order to fully offset the effect of increasing assessments, the real property tax rate should be decreased to $0.6745, the constant yield tax rate.
   
4. The County is considering not reducing its real property tax rate enough to fully offset increasing assessments. The County proposes to adopt a real property tax rate of $0.7700 per $100 of assessment. This tax rate is 14.2% higher than the constant yield tax rate and will generate $206,986,246 in additional property tax revenues.

A public hearing on the proposed real property tax rate increase will be held at 1:30 PM on May 2, 2023 at the Council Office Building. The hearing is open to the public, and public testimony is encouraged. Persons with questions regarding this hearing may call 240-777-7803 for further information. Residents have the opportunity to testify remotely for public hearings or provide in-person testimony at the Council Office Building in Rockville. Residents can register to speak at a public hearing, provide written testimony, prerecorded audio or video testimony via www.montgomerycountymd.gov/COUNCIL/testify.html;or sent by mail to County Council, 100 Maryland Ave., Rockville, MD 20850; or residents may sign up to testify remotely by phone (call 240-777-7803 for information). To express an opinion, call 240-777-7900

The entire County Council staff memo is at: https://www.montgomerycountymd.gov/council/Resources/Files/agenda/col/2023/20230418/20230418_5K.pdf