County proposes significant drop in property tax rates

During a recent government meeting, officials discussed the proposed rates for real estate and personal property taxes, highlighting a trend of reductions aimed at maintaining fiscal responsibility while remaining below the 4% growth threshold mandated by state law.

Jared, a member of the health board, presented the compensating rates for real estate and personal property, which were set at 0.04 for real estate and 0.04 for tangible personal property. The health board's rates were acknowledged without the need for a vote, as they adhered to statutory requirements.

The extension board's tax rates were also reviewed, with the real estate rate dropping from 0.0167 to 0.0161, and the personal property rate decreasing from 0.0292 to 0.0285. These adjustments reflect a growth of 3.89%, keeping the rates below the 4% threshold.

The county's proposed real estate tax rate for 2023 is set at 0.0552, down from last year's 0.0570, which translates to a 3.97% growth in revenue. Comparatively, the county's rates are among the lowest in the state, with neighboring counties like Carroll and Cumberland having rates of 3.2 and 3.3, respectively.

For personal property, the recommended rate is 0.0518, a decrease from 0.0531, resulting in a 3.83% growth in revenue. The meeting concluded with a motion to accept the proposed rates, which was seconded and opened for further discussion. The officials are also set to vote on motor vehicle and watercraft property tax rates in a subsequent session.