2022, Budget, Mayor and Council, Public Notice|

TOWN OF CHESTERTOWN

NOTICE OF A PROPOSED

REAL PROPERTY TAX INCREASE

The Mayor and Council of the Town of Chestertown proposes to increase real property taxes.

  1. For the tax year beginning July 1, 2023, the estimated real property assessable base will increase by 2.9%, from $600,365,461 to $617,988,101.
  2. If the Town of Chestertown maintains the current tax rate of $0.4332 per $100 of assessment, real property tax revenues will increase by 2.9% resulting in $76,341 of new real property tax revenues.
  3. In order to fully offset the effect of increasing assessments, the real property tax rate should be reduced to $.4208, the constant yield tax rate.
  4. The Town of Chestertown is considering not reducing its real property tax rate enough to fully offset increasing assessments. The Town of Chestertown proposes to adopt a real property tax rate of $0.4332 per $100 of assessment. This tax rate is 2.9% higher than the constant yield tax rate and will generate $76,341 in additional property tax revenues.

A public hearing on the proposed real property tax rate increase will be held at 6:00 p.m. on June 5, 2023, at Town Hall, 118 N. Cross Street.

The hearing is open to the public, and public testimony is encouraged. Persons with questions regarding this hearing may call 410-778-0500 for further information.

By Authority of

David Foster, Mayor

 

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