Md. to Hold the Line on State Property Taxes
Marylanders will pay the same state property tax rate next year as they have for the past four years, the Board of Public Works voted Wednesday, but keeping rates low could cost the state $20 million by fiscal 2012.
The board voted to maintain the state property tax rate at 11.2 cents per $100 of assessed value, at the recommendation of the Commission on State Debt. Current rates — which cost Maryland residents about $554 on a $495,000 home — could stay the same without any help from the state, a report commissioned by the panel said. But early projections show a possible $20 million cost to the state for maintaining the 11.2-cent rate in fiscal 2012 — and increasing to $130 million for holding the same rate in 2013.