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City Wants to Hear from You About the Tax You will Pay Next Year

In the next fiscal year (starting July 2016), you will be paying more tax on your property. The increase is due to the fact that the triennial assessment of our properties is expected to go up. We plan to keep the tax rate the same – 33.50 cents per $100 of your property.

Our municipal tax rate is the third lowest from the bottom. Please see this chart showing how much we pay to the City (see slide 15)

Here is the official notice that has been published about the tax rate and the public hearing that will take place this coming Tuesday at 7:30 pm.

The Mayor & Council of the City of College Park, proposes to increase real property taxes.
1. For the tax year beginning July 1, 2016, the estimated real property assessable base will increase by 4.7%, from $2,198,756,013 to $2,302,813,683
2. If the City of College Park, Maryland maintains the current tax rate of $0.3350 per $100 of assessment, real property tax revenues will increase by 4.7% resulting in $348,593 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 $0.3199, 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 $0.3350 per $100 of assessment. This tax rate is 4.7% higher than the constant yield tax rate and will generate $348,593 in additional property tax revenues

A public hearing on the proposed real property tax increase will be held at 7:30 p.m. on Tuesday, May 10, 2016 in the Council Chambers, College Park City Hall, 4500 Knox Road, College Park, Maryland. The hearing is open to the public, and public testimony is encouraged.

Persons with questions regarding this hearing may call Stephen Groh, Director of Finance, at 240-487–3510 for further information

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