Constant Yield Public Hearing
Constant Yield Public Hearing
May 4, 2023
6:00 PM
Hybrid
AGENDA
- Call to Order
- Pledge of Allegiance
- Public Hearing on proposed Constant Yield rate
- Adjourn
The Mayor and Council of the Town of Cheverly proposes to increase real property taxes for real property excluding apartments.
1. For the tax year beginning July 1, 2023, the estimated real property assessable base will increase by 3.5%, from $759,365,269 to $785,996,708 for real property excluding apartments.
If the Town of Cheverly maintains the current tax rate of $0.4899 per $100 of assessment, real property tax revenues will increase by 3.5% resulting in $130,467 of new real property tax revenues.
In order to fully offset the effect of increasing assessments, the real property tax rate should be reduced to $0.4733, the constant yield tax rate.
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 $0.5399 per $100 of assessment. This tax rate is 14.1% higher than the constant yield tax rate and will generate $523,474 in additional property tax revenues.
A public hearing on the proposed real property tax rate increase will be held at 6pm on Thursday, May 4, 2023, at the Town Hall, 6401 Forest Road, Cheverly Maryland and remotely via video teleconference.
To join the Zoom video conference: https://tinyurl.com/FY24-CYTR
To join with audio only: (301-715-8592) US, Meeting ID: (837 1292 1129)