The City of Takoma Park expects to raise taxes slightly more than three cents per $100 of assessed property valuation due to inflation, according to the proposed $44.6 million budget for Fiscal Year 2024 that begins July 1.
The current real property tax rate is 53.97 cents per $100 of assessed valuation. If the budget is adopted as proposed, the new rate will be 57.05 cents. That is expected to bring in an additional $110 million.
The budget for the 2.4 square mile city was created by Acting Deputy City Manager David Eubanks. The city council must approve it before it can be adopted.
The budget includes a 2% wage increase. However, union negotiations are ongoing and this could change.
The total budget revenue is $34,179,182. Total expenditures are listed at $44,636,970.
The city’s assessable real property tax base is projected to increase by 4.1%
Expenditures by the police department are expected to increase by 6% with most of that going for personnel costs.
