Somerset County Commissioners recently approved a $35.9 million budget for FY 2013. The budget maintains the property tax rate at 88.37 cents per $100 of assessed value and does not provide for employee salary increases.
As reported by the Salisbury Times Daily:
The fiscal year 2013 spending package is based on maintaining the property tax rate of 88.37 cents per $100 of assessed value, which is less than the 97.50-cent constant yield rate — the rate at which the county would receive the same amount of tax revenue as the previous year.
Although tax revenues will be less than the current year due to decreased assessments, property taxes still provide the largest single source of revenue to the county.
In fiscal year 2013, the county expects to receive $12.8 million from real property taxes and an additional $1.5 million from personal property taxes.
Somerset also will receive a $5.2 million state disparity grant, which is an increase compared to this year’s $4.9 million grant, to help defray the $480,000 cost of teacher retirements, which the county must cover for the first time.
The county had to use $2.4 million out of the fund balance in order to cover expenses in the new budget.