The Commission on State Debt is recommending that the Board of Public Works (BPW) set a State property tax rate of 11.2 cents per $100 of assessed value on real property and 28.0 cents per $100 of assessed value on operating real property of public utilities for fiscal 2022. The State has set and kept that rate since 2007, when it was reduced from 13.2 cents.
According to Maryland Matters:
The commission’s job is to recommend a state property tax rate that is sufficient, when combined with other funds, to pay the debt service on state bonds in the 2022 fiscal year. If the rate is held steady, the state is expected to collect more than $914 million in property taxes in 2022 and the state is expected to pay a little less than $1.4 billion in debt service that year.
The BPW will vote on the 2022 property tax rate at its next meeting on Wednesday, April 21. The three-member panel, which includes Governor Larry Hogan, Comptroller Peter Franchot, and State Treasurer Nancy Kopp, reviews projects, contracts, and expenditure plans for state agencies – many of which have an effect on county governments.
Stay tuned to Conduit Street for more information.