Constant Yield Tax Rate Public Hearing
The Town Council of the Town of Indian Head proposes to increase real property taxes.
- For the tax year beginning July 1, 2021, the estimated real property assessable base will increase by 3.8%, from $269,993,359 to $280,191,636.
- If Town of Indian Head maintains the current tax rate of $0.30 per $100 of assessment, real property tax revenues will increase by 3.8% resulting in $30,595 of new real property tax revenues.
- In order to fully offset the effect of increasing assessments, the real property tax rate should be reduced to $0.2891, the constant yield tax rate.
- 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 3.8% higher than the constant yield tax rate and will generate $30,595 in additional property tax revenues.
A public hearing on the proposed real property tax rate increase will be held at 6:00pm, on Monday, June 7 on the GoToMeeting platform. To attend the public hearing please go to https://gotomeet.me/TOIH or dial in using your phone, 1-(571)-317-3122, access code: 135-757-733. Any resident who is unable to attend the virtual hearing who would like to submit comments can email them to annie@townoindianhead.org or drop them off at the Town Hall drop box, located at 4195 Indian Head Highway, Indian Head, MD 20640 by no later than Friday, June 4, 2021. All comments will be read under the public comment portion of the public hearing agenda.
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.