Taxes and Revenues Archives

Property Values Tick Up According to 2024 Reassessment

The Maryland Department of Assessments and Taxation (SDAT) announced its 2024 reassessment of 767,226 “Group 3” residential and commercial properties. The overall statewide value increase for “Group 3” properties was 23.4 percent since its last reassessment three years ago. County property tax revenues will not increase by 23.4 percent, as this reassessment only covers one-third of property accounts. Furthermore, when property values increase, the increase is phased in equal increments over the next three years.…

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December 29, 2023

Read more about the article Cannabis Community Reinvestment and Repair Fund: County-By-County Allocations

Source: Office of Social Equity

Cannabis Community Reinvestment and Repair Fund: County-By-County Allocations

This week, the Office of Social Equity released the Community Reinvestment and Repair Fund Survey Results Report, which provides insight into the preferences shared by Maryland residents regarding which type of community-based services and organizations should be the primary beneficiaries of the fund. The report also includes the percentage of the total amount that local jurisdictions will be allocated from the fund. As previously reported on Conduit Street, Maryland imposes a 9 percent state sales…

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December 21, 2023

Business Affairs / County Budgets / County News / Economic Development / Finance and Procurement / News You Can Use / Taxes and Revenues

Talbot County Earns 22nd Consecutive Certificate of Excellence in Financial Reporting

Talbot County’s continued commitment to accurate, comprehensive, and transparent financial reporting has once again earned the County national recognition. “The Certificate of Achievement is the highest form of recognition in government accounting and financial reporting” – Government Finance Officers Association (GFOA) Talbot County’s Department of Finance announced Tuesday, November 28, that the County has earned its 22nd consecutive Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for the County’s annual…

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December 20, 2023

General Assembly News / State Budget and Fiscal Issues / Taxes and Revenues

State Revenue Forecast Softens Slightly, as Consumer Spending Weakens

The Maryland Board of Revenue Estimates voted today to increase state revenue projections for fiscal 2024 to $24.64 billion, a slight uptick of $78.2 million from the forecast approved in September. The Board also lowered revenue projections for fiscal 2025 to $24.92 billion, a decrease of $162.6 million from the September forecast. The three-member panel, which includes Comptroller Brooke Lierman, State Treasurer Dereck Davis, and Secretary of Budget and Management Helene Grady, is responsible…

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December 14, 2023

Education / News You Can Use / Taxes and Revenues

Maryland Sports Wagering Hits Record $550.7M Handle in November

Statewide handle surpasses $550 million. Maryland’s 13 retail and 12 mobile sportsbooks generated $3,199,529 in contributions to the State. Each sportsbook contributes 15 percent of its taxable win to the Blueprint for Maryland’s Future Fund, which supports public education programs. The statewide handle (amounts players wagered, including free promotional wagers) of $550,716,329 was Maryland’s largest single-month total, surpassing the $497,121,656 wagered in December 2022. Mobile handle accounted for 96.8 percent of the total at $420,957,789.…

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December 13, 2023

County News / News You Can Use / Taxes and Revenues

Comptroller Announces New Online Tax Portal

This week, Maryland Comptroller Brooke Lierman announced Maryland Tax Connect, a brand-new online portal for Maryland business taxpayers to use in 2024. Maryland Tax Connect is a self-service portal allowing taxpayers to file their taxes online with increased ease and security, enabling them to interact with the Comptroller’s Office more efficiently. Although only business taxpayers will be able to use it beginning in February 2024, by 2026, all Maryland taxpayers will be able to pay…

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December 13, 2023

County Budgets / County News / Feature / News You Can Use / Policy Deep Dive / Taxes and Revenues

Taxes, Fees, Charges: What’s the Difference?

This article is part of MACo’s Policy Deep Dive series, where expert policy analysts explore and explain the top county policy issues of the day. A new article is added each week – read all of MACo’s Policy Deep Dives. Government revenue is critical to funding all public services. In Maryland, county governments receive revenues from two primary sources: own-source revenues, which include locally generated revenues such as property taxes and income taxes, fees, and intergovernmental…

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December 1, 2023

Housing and Community Development / Planning and Zoning / Taxes and Revenues

State Awards More Than $20 Million in Tax Credits to Revitalize Historic Buildings

Tax credits leverage projects expected to create more than 1,000 jobs. The Maryland Department of Planning announced today that the Maryland Historical Trust (MHT) has awarded ten projects totaling more than $20 million in historic revitalization tax credits, leveraging more than $84 million in additional investment. "Throughout Maryland, we are fortunate to have many historic buildings that are irreplaceable examples of great design and craftsmanship and a reflection of our roots that often provide communities…

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November 29, 2023

County Budgets / County News / Taxes and Revenues

Frederick Council Considers Tax Credit to Incentivize Daycare Services

The Frederick County Council is considering legislation establishing a property tax credit for individuals who make property improvements to offer daycare services to children and adults. Bill 23-22, sponsored by Council President Brad Young and Council Member Renee Knapp, would establish a property tax credit against the County property tax imposed on the improvement of real property if the improvement is used exclusively as a family childcare home, licensed childcare center, licensed daycare center for…

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November 29, 2023

Cannabis / County News / Public Safety and Corrections / Taxes and Revenues / Winter Conference

Lunch and Learn about Cannabis with the Large County Coalition at #MACoCon

The Large County Coalition's luncheon at the MACo Winter Conference will focus on cannabis. Maryland is now several months into implementing the legalization of adult-use cannabis products. In October, collective adult-use and medical cannabis purchases reached nearly $90 million, just short of the $91 million total for September — which was more than double the $42.7 million total for June, before the launch of adult-use retail sales, according to the Maryland Cannabis Administration (MCA). While…

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November 21, 2023