TOWN OF CHESTERTOWN
NOTICE OF A PROPOSED
REAL PROPERTY TAX INCREASE
The Mayor and Council of Chestertown proposes to increase real property taxes.
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For the tax year beginning July 1, 2018, the estimated real property assessable base will decrease by $0.099% from $562,768,097 to $557,215,401.
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If the Town of Chestertown maintains the current tax rate of $0.3700 per $100 of assessment, real property tax revenues will decrease by 2.74% resulting in a $20,544.98 reduction in real property tax revenues.
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In order to fully offset the effect of decreasing assessments, the real property tax rate should be increased to $.3737, the constant yield tax rate.
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The Town of Chestertown is considering increasing its real property tax rate enough to fully offset decreasing assessments. The Town of Chestertown proposes to adopt a real property tax rate of $0.42 per $100 of assessment. The tax rate is 0.1239% higher than the constant yield tax rate and will generate $257,990.73 in additional property tax revenues.
