The County Commissioners are proposing no change to the current tax rate for Fiscal Year 2024.
The current tax rate is $1.056 per 100 of assessed property value.
Since a portion of the Garrett County base was reassessed by the Maryland Department of Assessments of Taxation in 2022, this will be an increase in property tax revenue in the amount of $4,599,244.
“The Constant Yield Tax Rate hearing is just one aspect of our extensive budget development process,” said Paul Edwards, Chairman of the Board of County Commissioners. “One of the top priorities of the Commissioners is to consider a long-term plan for funding the ever-increasing educational mandates. Year over year, our models show nearly $14 million in additional required funding to be paid to the Board of Education over the next nine years."
In an effort to help reduce the tax burden for full-time Garrett County residents, The Board of Garrett County Commissioners proposes to lower the Homestead Property Tax Credit. This credit caps the increased taxable assessments at just 3% per year. This is a reduction from the current 5%.
Any residents with Garrett County declared as a primary residence can submit the Homestead application. Due to the state’s process, the limitation reduction would be applied in Fiscal Year 2025.
A hearing to discuss the Constant Yield rate was held on May 1 at the Garrett County Courthouse. Public comment was accepted.