Boonsboro residents will be facing a property tax increase in the 2013-14 fiscal year but taxpayers are expected to see little changes in their tax bills, Boonsboro Town Manager Debra Smith said Monday night.
The tax increase of about 2.7 cents will be assessed on every $100 of assessed value.
Residents will see little change in their tax bills because of property assessments being low, Smith said.
The increase, passed by Boonsboro Town Council members Monday night, is referred to as a constant yield rate. The constant yield rate will give the town the same amount of tax revenue it had this year, Smith said.
The tax increase of about 2.7 cents will be assessed on every $100 of assessed value.
Residents will see little change in their tax bills because of property assessments being low, Smith said.
The increase, passed by Boonsboro Town Council members Monday night, is referred to as a constant yield rate. The constant yield rate will give the town the same amount of tax revenue it had this year, Smith said.
