Maryland property tax bill to increase by $1.1 billion

Maryland property tax bill to increase by $1.1 billion

August 12, 2021 Comments Off on Maryland property tax bill to increase by $1.1 billion By admin

A $1 billion property tax hike is set to go into effect next year in Maryland, as lawmakers in the House and Senate continue to negotiate a budget deal that could boost state revenue.

The new taxes will be set to take effect July 1, 2018.

They will increase the state’s property tax rate from 8.8 percent to 9.9 percent.

The tax increase will take effect at a rate of 8.5 percent.

The tax increases are part of a budget package that includes a $7 billion spending plan that includes tax increases and other reforms.

House Speaker Michael E. Busch said the tax hikes are a way to “fund the General Fund,” which is the state budget, to support essential programs.

In a letter to lawmakers, Busch also urged them to “refocus the General Assembly’s focus on strengthening our state government and public services to ensure the State has a long-term financial footing and that we can deliver for Marylanders.”

The House passed the tax hike measure Tuesday.

House Democrats had been seeking a tax increase, which they said would give them more flexibility to pass their own spending plan and avoid the need to pass a budget for the first time since 2011.

House Minority Leader Nancy M. Mizeur, D-Montgomery County, said the budget is a good start, but said she would prefer to have the state get “serious about fiscal responsibility.”

“The tax hike will do nothing to advance our priorities,” Mizeour said.

“We need to move the needle on how we fund our priorities and this is a small step to make it easier for us to move forward.”

Sen. Robert C. “Bob” Marshall, D, Montgomery County, praised the tax increases as a “significant and meaningful step toward our state’s fiscal responsibility,” but said that Marylanders will continue to have to pay more in property taxes in the coming years.

“Property taxes are an essential revenue source for the state,” Marshall said.

He also said the new taxes “will be an additional burden for some taxpayers who have already paid a significant portion of the taxes on their properties.”

Senators Mary McLeod-Barlow, D., and Peter A. DeFazio, D.-Rockville Centre, said they also supported the property tax increase as a way of addressing an unsustainable budget.

“We are taking a step in the right direction, and we’re committed to making this a priority for Maryland voters,” McLeod Barlow said.

DeSaulnier, the Senate budget director, said he is “deeply disappointed” with the House bill, which “sets a dangerous precedent.”

The tax bill, dubbed the Maryland Property Tax Reform Act, was passed with bipartisan support in the Senate and House, according to the Maryland Department of Revenue.

The legislation requires the state to spend at least $2.4 billion annually on essential state services, including education, health care, and transportation, according the state Department of Budget and Policy.

The state will also have to raise $2 billion a year to maintain public colleges and universities.

The bill also raises $1 million annually to fund a $1-billion infrastructure investment to improve transportation and infrastructure in the state, the Department of Infrastructure and Economic Development said.

The House of Delegates approved the bill Monday by a vote of 55-41.

It passed the Senate on Tuesday by a party-line vote of 56-31.

House Republicans had already passed a $3.9 billion spending bill that included tax hikes and other reform bills.

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