Submitted by: Ron Brooks
Submitting Department: Finance
Agenda Section: Presentation
Item Title:
title
Study of City of Hyattsville Property Tax Relief Programs: PFM Group Consulting
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Suggested Action:
recommendation
For presentation and Council discussion.
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Summary Background:
Since 2010, the City has experienced significant population growth and commercial revitalization. The success of the community has been intentional and attributable to a variety of factors including the City's focus on reinvestment in public infrastructure, prioritization of walkable transit-oriented development, high quality public services, and proximity to Washington D.C. With a raised profile, the City's efforts are now focused on addressing the challenges that come with being a successful destination community.
Subsequently, with the significant development of new homes in the City, this has also created rising property values across the region, thus higher property tax for local homeowners. While the City's property tax rate has not been raised in over a decade, the amount of property taxes paid by homeowners has increased and will reasonably continue to increase annually with rising home values in the City of Hyattsville. Notably, this reality has caused a significant financial hardship for homeowners that are now in low and fixed-incomes situations and are struggling to pay the annual increases of their property tax liabilities.
In the fall of 2022, the City of Hyattsville issued a Request for Proposal (RFP) to study the City's current Homeowner's Property Tax Credit Program and the Homestead Property Tax Program. The City's objective was to seek a consultant to review the City's current Homeowner's Property Tax Credit Program and the Homestead Property Tax Program, including identifying other effective tools that in the aggregate will help to provide financial relief from these year-over-year increases that now impact low and fixed-income homeowners.
The City rec...
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