TOWN OF ELKTON NOTICE
OF A PROPOSED
REAL PROPERTY TAX INCREASE
The Mayor and Commissioners of the Town of Elkton propose to increase real property taxes.
1. For the tax year beginning July 1, 2004, the estimated real property assessable base will increase by 6.7% from $658,092,395 to $702,264,391.
2. If the Town of Elkton maintains the current tax rate of $0.544 per $100 of assessment, real property tax revenues will increase by 6.7% resulting in $ 240,296 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 $0.510, the constant yield tax rate.
4. The Town is considering not reducing its real property tax rate enough to fully offset increasing assessments. The Town proposes to adopt a real property tax rate of $0.544 per $100 of assessment. This tax rate is 6.7% higher than the constant yield tax rate and will generate $240,296 in additional property tax revenues.
A public hearing on the proposed real property tax rate increase will be held at 7:05 p.m. on Wednesday, May 19, 2004 at the Town of Elkton Municipal Building, 100 Railroad Avenue, Elkton, Maryland.The hearing is open to the public, and public testimony is encouraged.Persons with questions regarding this hearing may call 410-398-0970 or 410-398-4170 for further information.
The Mayor and Commissioners are committed to ensuring that individuals with disabilities are able to fully participate in public meetings. A person planning to attend a public meeting announced by the Mayor and Commissioners and who wishes to receive auxiliary aids, services, or accommodations is invited to contact the Town of Elkton, Administration Office, at least 48 hours in advance, by calling (410) 398-0970 or through the Maryland Relay Service (1-800-735-2258 TTY/Voice).