Caroline County Commissioners have proposed a two-cent property tax increase to maintain revenues in the upcoming FY 2016 budget. As reported by MyEasternShoreMD,
Caroline County commissioners agreed to propose a 2-cent increase in the county’s property tax rate in order to produce constant yield, the same amount of tax revenue in the next fiscal year as the current year, due to another drop in county property assessments.
Even though they were able to balance FY2016’s $44.5 million budget without constant yield, commissioners are considering doing so in anticipation of an even tougher to balance budget in FY2017, as the county’s state-mandated contribution to teacher pensions alone will increase an estimated $661,000, but tax assessments are expected to be flat.
If approved, the county’s property tax rate would increase to 98 cents generating an additional $485,000 in revenue.
Additional information on the county’s FY 2016 proposed budget can be found on the county’s website.