Property Tax Rate Remains Constant for the Ninth Consecutive Year
Rockville residents will pay the same property tax rate in Fiscal Year 2017 as they did last year, after the Mayor and Council on May 16 approved a budget that keeps the property tax rate steady for the ninth consecutive year.
Rockville’s FY17 operating budget equals $126.3 million. Budget highlights include support for improvements to city parks and facilities to comply with the Americans with Disabilities Act, additional summer camps at the Twinbrook Community Recreation Center and enhanced programming and support services for the city’s senior population.
The FY17 budget represents a 2.3 percent, or $2.9 million, increase over the Fiscal Year 2016 budget. The 2017 fiscal year begins July 1 and ends June 30, 2017.
Property tax rates will remain $0.292 for real property and $0.805 for personal property. Both of these rates are per $100 of assessed value. The FY17 budget continues the city’s supplement to the state of Maryland’s Homeowner’s Tax Credit, which provides real property tax credits to low- to moderate-income homeowners for taxes due on their principal residence.
Based on the adopted FY17 rates, the average annual residential bills for city utilities for a family of four will increase by $112.30, or 8 percent.
The Capital Improvements Program, the city’s five-year plan for funding new construction and infrastructure maintenance, includes $22.1 million in new funding, combined with a carryover of $45.6 million to support 49 projects.
To learn more about the city’s FY17 budget, visit www.rockvillemd.gov/budget or call the Finance Department at 240-314-8400.