Maryland property owners will not see an increase in the state share of the property tax rate next year, when the rate will hold steady at the same level it has been since 2007. The three-member Board of Public Works voted unanimously Wednesday to hold taxes on commercial and residential properties at 11.2 cents per $100 in assessed value. The rate on utilities will remain at 28 cents per $100 of assessed value. State property taxes are used to repay general obligation bond borrowing. Maryland enjoys a triple-A bond rating, the highest, from all three major rating agencies — Fitch, Moody’s and Standard & Poor’s. The high rating means the state pays lower interest on money it borrows. But there are rumblings about a potential downgrade on the horizon.
Taxes will still increase: Taxpayers are still likely to see their tax bills go up, however, even as the tax rate remains flat. That’s because all 23 counties and Baltimore City reported increased assessments for seven consecutive years.
