The Town of Chesapeake City proposes to increase real property taxes.
- For the tax year beginning July 1, 2018, the estimated real property assessable base bill will decrease by 3.8% from $84,355,130 to $84,033,392.
- If Chesapeake City maintains the current real property tax rate of $.4488 per hundred of assessment, real property tax revenues will decrease by 3.8% resulting in a $1,444 reduction in real property tax revenues.
- In order to fully offset the effect of decreasing assessments, the real property tax rate should be increased to $.4505, the constant yield tax rate.
- The Town of Chesapeake City is considering increasing its real property tax rate enough to fully offset decreasing assessments. The Town of Chesapeake City proposes to adopt a real property tax rate of $.4688 per $100 of assessment. This tax rate is 4.1% higher than the constant yield tax rate and will generate $15,378 in additional real property tax revenues.
A public hearing on the proposed real property tax rate decrease will be held at 6:30pm, on Monday, May 14, 2018 at the Town Hall, 108 Bohemia Avenue Chesapeake City, MD 21915. The hearing is open to the public, and public testimony is encouraged. Persons with questions regarding this hearing may call (410) 885-5298 for further information.