Montgomery County Executive Ike Leggett has proposed his FY 2017 budget. It contains substantial investment in public education, and responds to the dramatic losses in income tax revenues arising from the recent Wynne case.
From coverage in the Washington Post:
The $5.2 billion operating budget for the fiscal year beginning July 1, which goes to the County Council for consideration, increases government spending by just under 2 percent. It lifts the property tax rate by 3.94 cents per $100 of assessed value, from 98.7 cents to $1.02.
That means that taking into account rising assessments, the owner of an average home valued at $464,000 would pay an additional $325 a year in property taxes — $4,075 instead of $3,750.
Property taxes have remained relatively flat in recent years. Last year, Leggett signaled the likelihood of a significant tax increase, citing sluggish economic growth, potential losses from the income tax case and urgent needs in schools. On Tuesday, he told council members that waiting was no longer an option.
On Montgomery’s MyMCMedia youtube channel is more coverage and initial Council reaction:
Montgomery is the first of Maryland’s counties to present its proposed budget, and will carry out hearings and Council work in the weeks ahead. More information on the county budget is available online at the County OMB website.