The Mayor and Commissioners of the Town of North East proposes to increase real property taxes.
- For the tax year beginning July 1, 2016, the estimated real property assessable base will increase by 1.76% from $303,482,658 to $308,813,087.
- If the Town of North East Maintains the current tax rate of $0.48 per $100 of assessment, real property tax revenues will increase by 1.76% resulting in $25,585 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 $0.4717 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 $0.48 per $100 of assessment. This tax rate is 1.76% higher than the constant yield tax rate and will generate $25,585 in additional property tax revenues.
A public hearing on the proposed real property tax rate increase will be held at 7:00 PM on May 25, 2016 at North East Town Hall located at 106 South Main Street, North East MD 21901.
The hearing is open to the public and public testimony is encouraged. Persons with questions regarding this hearing may call 410-287-5801 for further information.