Mon May 20, 2013
Expect Small Hike in Somerset County Property Taxes
There could be a small increase in property taxes for Somerset County residents.
The proposed 2014 budget is expected to hike the rate from 88.3 cents per $100 of assessed property value to 91.5 cents.
This would allow the county to get the same amount of tax revenue as the current year to make up for the decline in assessed property values during the Great Recession.
But the new rate is lower than it was four years ago.
The Salisbury Daily Times reports that the proposed budget includes $5 million for capital projects including $2.9 million to be reimbursed by grants.
These range from the dredging of the Wenona Harbor at $1.5 million and a new senior center in Westover costing $900-thousand to $735-thousand for school construction.
The proposed spending plan also includes $2.2 million county roads to make up for a loss of state highway user funds but it is still less than what it got this year.
Over all, the county must deal with an expected $6 million loss in state revenue.