Hancock officials are estimating that property values within the town limits will increase their property tax collections beginning with the July 1, 2018 fiscal year. The town is not proposing raising their town tax rate, but will hold a public hearing about the estimated higher tax revenue.
A notice of the hearing in Hancock was published in the Hagerstown Herald-Mail on Wednesday, July 13.
According to the public notice, the assessable base increase for property in the town will rise from $92,096,161 to $97,436,784. That’s a 5.8 percent increase in assessed property values in the town limits.
If the town maintains the current tax rate of $.52 per $100 of assessment, real property tax revenue would increase by .05798%, resulting in $27,771 of new real property tax revenues for the town government.
The town could offset the effect of increasing property assessments by reducing Hancock’s real property tax rate to $.4915 – what the law calls the constant yield tax rate.
The town is considering not reducing that tax rate, and taking in the additional tax money that would come from higher property values.
The town is proposing to adopt a real property tax rate of $.52 per $100 of assessment – the same tax rate in effect now. The public hearing on the tax revenue increase and tax rates will be held at 7 p.m. tonight during the June town meeting.
The hearing is open to the public and a public testimony is encouraged. Persons with questions regarding the hearing may call Town Hall at 301-678-5622.
