February 19, 2009
Dear District 6 Constituent:
The following information about the real property tax may be helpful to you:
Real property is reassessed on a three-year
cycle. The amount of the tax bill is determined by two
factors:
1.
The Assessment.
The annual assessment increases on owner-occupied residential property is based
on the fair market value of the property and are issued by the Department of
Assessments and Taxation, an agency of State Government.
2.
The Property Tax Rate.
Property tax rates are set by each unit of government: the state, counties and
cities. The County’s Real Property Tax is 96 cents per $100 assessed property
value and is mandated to remain at that amount by passage of the 1978 Tax Reform
Initiative by Marylanders -- known as TRIM. This rate can only be changed
by referendum or by enabling legislation from the State.
Please visit:
http://www.dat.state.md.us/sdatweb/stats/09rvpr.html
to obtain more detailed information about the homestead property tax credit
from the State Department of Assessments and Taxation. You
will also be able to view a chart
http://www.dat.state.md.us/sdatweb/homestead_percent.html
which shows that many of the incorporated cities and municipalities in Prince
George’s County presently are authorized the maximum rate of 10%.
Scroll down to see Prince George's County and the affected cities.
I trust that
this information will enhance your understanding of your property tax determinations and restraints.
In your service,
Sam
