9:53 PM EST, March 5, 2013
Boonsboro residents will face a property tax increase in the 2013-14 fiscal year but taxpayers are expected to see little change in their tax bills, Boonsboro Town Manager Debra Smith said Monday night.
The tax rate will go from roughly 32.2 cents per $100 of assessed value to 34.9 cents per $100 of assessed value, Smith said. For a house assessed at $250,000, the property owner’s tax bill would increase about $67, Smith said.
But Smith said that property owner’s tax bill may not change much because of property assessments being low.
The increase, passed by Boonsboro Town Council members Monday night, is referred to as a constant yield rate.
The constant yield rate is designed to give municipalities the same amount of tax revenue that it had in a previous year, Smith said.
— Dave McMillion
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