Submitted by: Nate Groenendyk
Submitting Department: City Clerk
Agenda Section: Action
Item Title:
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Fiscal Year 2024 Real Property Tax Rate
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Suggested Action:
recommendation
I move the Mayor and Council set the City of Hyattsville’s Real Property Tax Rate for Fiscal Year 2024 (FY24) at $0.63 per $100 of assessed value.
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Summary Background:
The Mayor and Council are required under Maryland Property Tax Code 6-308 Constant Yield Tax Rate and Hyattsville Charter Code C5-15 to set the real property tax rate as part of the annual budget process.
Next Steps:
FY24 Budget Approval
Fiscal Impact:
FY24 Tax Rate will generate approximately $17.1 million in Real Property Tax Revenues.
City Administrator Comments:
See summary above.
Community Engagement:
The public hearing provides an opportunity for the community to get information, ask questions, and give public comments related to this issue. Per State Guidelines, legal notice of the FY24 proposed real property tax rate was published in the Prince George's Post. Notification of the Public Hearing was included in the Hyattsville Reporter mailed to all homes within City limits. Email and text alerts on the hearing were sent to all Hyattsville Notify Me subscribers.
Strategic Goals:
Goal 2 - Ensure the Long-Term Economic Viability of the City
Legal Review Required?
N/A