The Constant Yield Tax Rate is a property tax rate that, when applied to new assessments, will result in the taxing authority receiving the same revenue in the coming taxable year that was produced in the prior taxable year.
The advertisement for the public hearing is titled Notice of a Proposed Property Tax Increase and is required by state law.
Despite announcing the verbiage above, the County may adjust the property tax rate or make no change. The Constant Yield Tax Rate is NOT an increase in the property tax rate. The current Garrett County Property Tax rate of $1.056 will remain the same.
In 2022, the assessable base in Garrett County has increased by 2.2% which will generate just over $1 million in new property tax revenue.
“The State Department of Assessments and Taxation administers the constant yield tax rate program and hands the requirements down to the local governments,” said Scott Weeks, Director of Finance for the Garrett County Government.
“We must comply with the public notice piece, but the current Board of Garrett County Commissioners is recommending no change to the tax rate for the 2023 budget.”
If you have questions on constant tax yield, please consider attending the public hearing at 4:00 PM on May 17, 2022. The hearing will also be streamed live on Facebook at www.Facebook.com/GarrettCountyGovernment. You may also email comments, until June 6, 2022, to firstname.lastname@example.org.