PUBLIC HEARING: Constant Yield Tax Rate

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TOWN OF CENTREVILLE

NOTICE OF A PROPOSED REAL

PROPERTY TAX INCREASE

The Town Council of the Town of Centreville proposes to increase real property taxes.

  1. For the tax year beginning July 1, 2023, the estimated real property assessable base will increase by 2.7%, from $624,316,743 to $641,434,487.
  2. If the Town of Centreville maintains the current tax rate of $0.535 per $100 of assessment, real property tax revenues will increase by 2.7% resulting in $91,580 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 $0.5207, the constant yield tax rate.
  4. The Town is considering not reducing its real property tax rate enough to fully offset increasing assessments.  The Town proposes to adopt a real property tax rate of $0.535 per $100 of assessment.  This tax rate is 2.7% higher than the constant yield tax rate and will generate $91,580 in additional property tax revenues.

A public hearing on the proposed real property tax rate increase will be held at 7:05 p.m. on May 18, 2023 at the Liberty Building, 107 N. Liberty Street, 2nd floor meeting room, Centreville, MD 21617.

The hearing is open to the public, and public testimony is encouraged.

Persons who attend the hearing will be able to provide public testimony during the hearing. In addition, comments related to the Constant Yield Tax Rate can be emailed to Carolyn Brinkley, Town Clerk, at cbrinkley [at] townofcentreville.org (cbrinkley[at]townofcentreville[dot]org) or mailed to Town Hall, Attn: Carolyn Brinkley, 101 Lawyer’s Row, Centreville, MD 21617.  To be read during the May 18th public hearing, submit comments by 5:00 p.m. on May 18th.

Persons with questions regarding this hearing may call 410-758-1180 for further information.

THE TOWN COUNCIL OF CENTREVILLE

Address

Liberty Building
107 N. Liberty Street
2nd floor meeting room
Centreville, MD 21617

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