ORDINANCE 08-O-02

TUESDAY, MAY 13, 2008 AT 7:30 P.M.

COUNCIL CHAMBERS, CITY HALL

4500 KNOX ROAD, COLLEGE PARK, MARYLAND

An Ordinance to Adopt the Fiscal Year 2009 Operating and Capital Budget for the City of College Park.

A full copy of the Proposed Budget is available on the City's home page under "FY09 Requested Budget".

NOTE:  The proposed budget Ordinance contains property tax increases of 2.3 cents for real property and 5.8 cents for personal property per $100 of assessed valuation in order to fund a $500,000 increase in contract police services.

NOTICE OF PUBLIC HEARING

CONSTANT YIELD TAX RATE FOR FISCAL YEAR 2009

TUESDAY, MAY 13, 2008 AT 7:20 P.M.

COUNCIL CHAMBERS, CITY HALL

4500 KNOX ROAD

 PARK, MARYLAND

NOTICE OF A PROPOSED REAL PROPERTY TAX INCREASE

    The Mayor & Council of the City of College Park, Maryland proposes to increase real property taxes.

1. For the tax year beginning July 1, 2008, the estimated real property assessable base will increase by 14.12%, from $1,432,002,255 to $1,634,178,037.

2. If the City of College Park, Maryland maintains the current tax rate of $0.299 per $100 of assessment, real property tax revenues will increase by 14.12% resulting in $604,506 of new real property tax revenues.

3. In order to fully offset the effect of increasing assessments, the real property tax rate should be reduced to $0.262, the constant yield tax rate.

4. The City is considering not reducing its real property tax rate enough to fully offset increasing assessments.  The City proposes to adopt a real property tax rate of $0.322 per $100 of assessment.  This tax rate is 22.90% higher than the constant yield tax rate and will generate $980,507 in additional property tax revenues.

   A public hearing on the proposed real property tax increase will be held at 7:20 p.m. on Tuesday, May 13, 2008 in the Council Chambers, College Park City Hall, 4500 Knox Road, College Park, Maryland.

  The hearing is open to the public, and public testimony is encouraged.

   Persons with questions regarding this hearing may call Stephen Groh, Director of Finance, at 301-209-7436 for further information.

NOTICE OF PUBLIC HEARING

TUESDAY, MAY 27, 2008 

2^ND FLOOR COUNCIL CHAMBERS

CITY HALL, 4500 KNOX ROAD

7:30 P.M.

A Public Hearing will be held on an Ordinance to amend Chapter 110 to increase Occupancy Permit Application Fees, effective July 1, 2008.

Copies of this Ordinance may be obtained from the City Clerk’s Office, 4500 Knox Road, College Park, MD 20740 or call 301-864-8666.

Janeen S. Miller

City Clerk