Budget and More Budget And Tax Increases??? ~ Annapolis Capital Punishment

Monday, May 10, 2010

Budget and More Budget And Tax Increases???

City council is having a finance meeting on Monday at 2:30pm to discuss budgets cuts.  There should also be a new proposed Mayor's budget handed out

At 7:30pm council is meeting to hear public testimony about the constant yield tax rate.

Constant Yield Tax Rate - The City Council of the City of Annapolis proposes to increase real property taxes. For the tax year beginning July 1, 2010, the estimated real property assessable base will increase by 2.3% from $6,140,433,802 to $6,283,833,633. If the City of Annapolis maintains the current tax rate of $0.53 per $100 of assessment, real property tax revenues will increase by 2.3%, resulting in $760,019 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 $0.5179, the constant yield tax rate. The City is considering not reducing its real property tax rate enough to fully offset increasing assessments. The City proposes to adopt a real property tax rate of $0.53 per $100 of assessment. This tax rate is 2.3% higher than the constant yield tax rate and will generate $760,019 in additional property tax revenues.  LISTEN TO CP Publisher Paul Foer on 1430WNAV at 8:15 every weekday morning or click on the WNAV icon to the right. READ CP Publisher Paul Foer's "The Ninth Ward" every Wednesday in The Capital.www.capitalonline.com Identified comments are always welcome. ALL ANONYMOUS COMMENTS will be automatically rejected without being opened.


blogger templates | Make Money Online