Today’s Gazette writes about the property tax, and the consensus forecasts for sluggish revenues from local governments’ most important revenue source. From their article:
As state lawmakers continue to try to reach a budget compromise, some county lawmakers are planning for several more years of decreased revenues.
Local property tax collections are the single-largest source of revenue for county governments, and the lagging housing market coupled with Maryland’s triennial assessment program could mean continued cuts to services for years in some jurisdictions.
According to new estimates released by the Department of Assessments and Taxation on Saturday, the total taxable county assessable base will decrease statewide in the 2012 tax year by $27.9 billion and again in the 2013 tax year by $4 billion, reflecting continuing drops in property values.