Help us stand up to the newly proposed tax hike in Montgomery County.
Montgomery County Executive Marc Erlich has proposed a 10% increase in the county’s property tax rate, from $0.99 to $1.09 per $1,000 of assessment. This proposed tax hike faces opposition from local organizations, including the local board of Realtors, G Car. The tax hike will have negative consequences for Montgomery County residents and citizens.
The proposed tax hike will increase the cost of living for residents as it directly translates into increased property tax bills. This will increase the financial burden on homeowners and renters alike, which will eventually be passed on to tenants by owners and investors. Rents have been increasing in Montgomery County and the surrounding areas at near double-digit rates over the past three years, making it difficult for the proposed tax hike to happen.
The proposed tax hike will also make homeownership more unaffordable for families and individuals. Montgomery County already has one of the highest median sales prices in the area, and this tax hike will make it even harder for families and individuals to afford homeownership. The increase in property taxes may also drive potential homeowners to move to neighboring counties with lower overall tax burdens, which may continue to hamper economic growth in Montgomery County.
“The proposed tax hike will increase the cost of living.”
Furthermore, higher property taxes will discourage businesses from investing in Montgomery County, which may lead to fewer job opportunities for citizens. Montgomery County Executive Erlich argued that the county tax rate is lower than 14 out of 24 other jurisdictions in Maryland. However, he failed to account for the cost of land and median home values when comparing tax rates. Montgomery County has one of the area’s highest median home sales prices, and a higher property tax burden will have a more significant impact on its residents than it would in neighboring counties like Howard and Frederick.
Montgomery County experienced net migration out of the county for the first time in 2021, and measures should be taken to reverse this trend. The budget now heads to the Montgomery County Council for deliberation and must be approved by June 1. During this time, the council will hold numerous budget meetings and hearings, including two public ones. The first public hearing is on April 11, and the second is on April 13.
If you are a Montgomery County resident who opposes the proposed property tax hike, it is important to make your voice heard during these hearings. You can contact your local legislator or representative or simply show up to the public hearings. Higher property taxes affect everyone in the community, and it is important to fight this and make sure our voices are heard to keep Montgomery County semi-affordable for the life of our community. If you have any questions, please reach out directly.