City officials have promised to keep the real property tax rate level for a seventh straight year as they deliberate the budget.
But because of rising assessments, Bowie residents can expect to pay slightly more in property taxes — about $26 more next year for a home valued at $265,000, according to the city.
"Is it technically a tax increase? You could make that argument," said Bowie Mayor G. Frederick Robinson. "But it's the same tax rate we've had the last seven years in a row."
A 1977 state law requires local governments to hold a hearing regarding what is called the "constant yield" — the tax rate necessary to generate the same level of revenue next year as will be collected in the current year.
However, the city's estimated real tax base will increase from $6.37 billion to $6.5 billion for the year beginning July 1.
"That number has risen a bit, which is a good thing," Robinson said. "That's one of the things that been very helpful the last couple of years, especially since home values have started to rise again."
To offset increased assessments and generate the same revenue as in FY 2016, the real property tax rate would have to drop to 39 cents per $100 of assessed value from the current rate of 40 cents per $100 of assessed value.
City Manager David Deutsch has recommended — and council members approved — keeping the tax rate the same, netting the city an extra $631,000.
"That doesn't become final until we approve the (final) budget," Robinson said.
It's good to see how the value of our homes in Bowie has risen and thereby been able to bring more money with out bringing a financial burden to our residents.
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Author:Exit Blogger Dated: May 5th 2016 Views: 381 About Exit: ...
EXIT First Realty, a full service residential real estate brokerage serving the Greater Washington DC Metropolitan Region, currently employs over 50 licensed Real Estate agents. Our agents come from diverse backgrounds but all are dedicated to providing the highest quality service to our clients. EXIT First Realty is a multilingual facility with representation from five countries and four different languages and its leadership team brings over 60 years of full-time real estate experience.
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