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St. Mary’s County sets 3% income‑tax rate, adopts 5% growth assumption and approves new impact‑fee calculation
Summary
Commissioners gave staff consensus direction to use a 3.0% county income‑tax rate with a 5.0% growth assumption for FY2023 revenue projections; staff added a $4.3 million SALT‑related adjustment to the income‑tax base and commissioners agreed to proceed with a new excise‑tax/impact‑fee study.
LEXINGTON PARK, Md. — St. Mary’s County commissioners on Feb. 15 directed staff to use a 3.0% county income‑tax rate and a 5.0% growth assumption for FY2023 revenue estimates, and accepted staff’s recommendation to add a $4.3 million adjustment to the income‑tax base reflecting state‑local tax (SALT) effects.
Why it matters: the income‑tax assumptions underpin the county’s revenue estimates for the operating budget and determine how much funding is available for county services and compensation requests.
Finance staff reported that a final tax‑year‑2020 payment of $1,400,000 raised the county’s six‑year average growth measure to 4.74%. Staff presented four growth…
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