Elkton Town Hall, May 14, 2010 – Today Mayor Joseph Fisona released Elkton’s proposed 2011 fiscal year budget, which the town board reviewed at the last workshop.
According to a letter signed by the mayor, the proposed budget includes the adoption of the constant yield tax rate for the third consecutive year. This rate of 0.4734 for real property represents a 2.0% increase from the FY 2010 rate of $0.464 as the net assessable real property base decreased by the same percentage. Click here to see the official draft budget.
The business personal property tax rate of $1.11 is unchanged, but the cap on which the rate is applied has been increased from $10-million to $15-million, the first increase since FY 2003. The increase will generate an additional $117,000 in revenue. At the May 19th meeting the town will vote on a resolution to amend the town’s policy with respect to taxing business tangle property, in order to develop additional general fund revenue from taxable business assets. Click here to review the resolution.
On May 19 at 7:00 p.m. the town will hold a public hearing and the officials will vote on the budget.