At tonight’s meeting, the City Council will hold a public hearing on the property tax rate and the new budget for fiscal year 2024. The new budget incorporates the FY2024 Proposed Budgets for the City’s General Fund, ARPA Allocation Fund, Capital Projects Fund and Debt Service Fund, and other changes approved at the subsequent budget meetings.

The FY24 Proposed Budget is balanced on the existing property tax rate of 30.18 cents, not reducing to the Constant Yield Rate. The residential property tax rate of College Park is the lowest among all municipalities.

In the FY24 budget, the City plans to increase the commercial property tax rate by 3 cents.

The commercial property tax rate increase will help generate more tax revenue to provide more services to our residents. Other regional towns have similar tax differential rates, a lower rate for residential properties and a higher rate for commercial properties.