The Board of Aldermen voted to set the tax rate for The City of Frederick at the May 17, 2012 public meeting.
CONTACT: Susan S. Harding, Public Information Officer, 301-600-1385
FOR IMMEDIATE RELEASE: Wednesday, May 23, 2012
City Tax Rate Set
____________________________________________________
Frederick, MD -- The Board of Aldermen voted to set the tax rate for The City of Frederick at the May 17, 2012 public meeting. By unanimous vote, the Board set the tax rate at $0.73 per $100.00 of assessable real property for the fiscal year July 1, 2012 to June 30, 2013 on taxable property within the corporate limits of The City of Frederick.
A tax rate of $1.55 per $100.00 of assessable business personal property was also set for the fiscal year July 1, 2012 to June 30, 2013 on taxable property within the corporate limits of The City of Frederick.
The new tax rate will cost City residents less overall. The change in the tax rate is a result of a new taxing agreement referred to as a tax differential which The City of Frederick has implemented with Frederick County. Frederick County Government will no longer collect revenue from City property owners for parks, roads, police or planning services which are provided by the City to residents. When City and County property taxes are combined, City of Frederick property owners will experience a $0.04 overall decrease in property taxes while continuing to receive the same level of service.
Tax bills will be mailed out to City property owners on July 1, 2012 and will include a more detailed explanation of the new tax differential process implemented per the FY13 Budget.
--30 --
www.cityoffrederick.com