State Property Tax Rate is Stable For FY 2011

Maryland’s state property tax rate will remain at 11.2 cents per $100 of assessed value for 2011.  This rate, which has been in place since 2006, was approved by the Board of Public Works yesterday based on a recommendation from the Commission on State Debt.

It won’t cost the state’s general fund anything this year to keep the rate intact, but the commission warned that it will become increasingly costly to maintain the rate in future years if property values don’t go up.

Revenue from the State property tax is used to pay off State bonds issued for capital projects such as roads and schools.

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