Constant Yield Tax Rate (CYTR) Hearing

TOWN OF INDIAN HEAD NOTICE
 OF A PROPOSED
REAL PROPERTY TAX INCREASE
 
The Town Council of the Town of Indian Head proposes to increase real property taxes.
 
  1. For the tax year beginning July 1, 2022, the estimated real property assessable base will increase by 3.3%, from $297,578,546 to $307,400,408.
 
  1. If Town of Indian Head maintains the current tax rate of $0.30 per $100 of assessment, real property tax revenues will increase by 3.3% resulting in $29,466 of new real property tax revenues.
 
  1. In order to fully offset the effect of increasing assessments, the real property tax rate should be reduced to $0.2904, the constant yield tax rate.
 
  1. The Town is considering not reducing its real property tax rate enough to fully offset increasing assessments.  The Town proposes to adopt a real property tax rate of $0.30 per $100 of assessment.  This tax rate is 3.3% higher than the constant yield tax rate and will generate $29,466 in additional property tax revenues.

 

A public hearing on the proposed real property tax rate increase will be held at 6:30pm, on Thursday, April 28th at the Indian Head Village Green Pavilion located at 100 Walter Thomas Road.

The hearing is open to the public, and public testimony is encouraged.

Persons with questions regarding this hearing may call 301-743-5511 for further information.