Keeping the State Property Tax Rate Flat – Conduit Street

The State Debt Commission recommends keeping state property taxes stable for fiscal year 2023.

The State Debt Commission today recommended 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 taxable on utility operating real estate for the 2023 financial year. These rates have been in place since 2007. .

As an advisory board to the Public Works Board, the Commission meets annually to recommend a state tax rate on real and personal property. This tax rate should provide sufficient funds to meet debt service requirements (interest and principal) on outstanding general bonds over the next fiscal year. These bonds fund capital improvements throughout Maryland, such as schools and roads.

The recommended rate requires approval from the Public Works Board, which will vote on the 2023 state property tax rate at its next meeting on Wednesday, April 27.

The Board of Public Works – a three-member panel including Governor Larry Hogan, Comptroller Peter Franchot and State Treasurer Dereck Davis – reviews projects, contracts and spending plans of state agencies, including many affect county governments.

Stay tuned to Conduit Street for more information.

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