“As the St. Mary’s County Commissioners transition from an impact fee to a much larger excise tax, and debate raising property taxes, they should consider the ramifications such tax increases will have on their constituents. The commissioners are currently mulling a roughly 367% increase to what will be a newly established excise tax, and a 3.5% increase in property tax revenues collected by deviating from the constant yield tax rate. While the two are not directly related, these taxes on real estate development and homeowners will have a chilling effect on the local economy. These additional taxes will be transferred directly to buyers, placing the American Dream out of reach for more people. At a time of economic strain and inflation, the residents of St. Mary’s will feel the pain of these tax increases. The Southern Maryland Association of REALTORS® would request that the commissioners consider acting on several items. We would ask that the commissioners maintain the proposed constant yield tax rate of $.8023. Constant yield is designed to offset the tax burden when property assessments see large jumps as we have seen over the past year. The county should remain revenue neutral as the county transitions from an […]
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