CYTR v Property Tax Rate
Posted by David Keelan on Friday, June 1, 2007
(Click Image to enlarge)
This chart shows the actual property tax revenue that Howard County receives as compared to the Constant Yield Tax Revenues the County would receive if they subscribed to the State formula.
The CYTR is a mechanism that ensures that County Government receives the same amount of revenue in property tax revenue that it did in the previous year. However, Howard County consistently charges a property tax rate that ensures they obtain more revenue on property taxes than the previous year.
One thing the CYTR doesn’t account for is new construction and fully assessed properties. That is important to note because those properties increase the County revenue stream over and above what the CYTR recommends. The fact is the assessable base continues to grow through additions to the tax rolls and phased in assessments. Yet the County refuses to bring the property tax rate in line with the CYTR.