OCEAN CITY — Ocean City officials this week approved on first reading the proposed fiscal year 2022 budget at around $158 million, which will hold the property tax rate at the constant yield.
The total budget for all funds is approximately $158 million, with the general fund making up around $91 million. The proposed fiscal year 2022 budget sets the property tax rate at the constant yield rate of .4561 per $100 of assessed valuation, which is slightly higher than the current rate of .4559. For the record, the constant yield is the property tax rate needed to generate the same revenue as the prior year.
For many years, it was the town’s policy to set the property tax rate at the constant yield, but a couple years back resort officials broke from tradition and set the property tax rate at the constant tax rate, or the same rate as the prior year, representing a slight decrease. That was not the case this year, at the proposed budget sets the tax rate at the constant yield, technically represents an increase of fractions of a penny.
Before the council could vote on the proposed fiscal year 2022 budget, former councilman Vince Gisriel took the opportunity to weigh in on some key elements. Gisriel pointed out areas in the budget he perceived could be altered to lower the property tax rate.
I noticed that Ocean City’s budget is just $3M short of that for the entire County of Wicomico. Wow!
Must be time to build (rebuild) another firehouse?
Rickie spoke well at the meeting. Gehrig though stating “I think overestimating expenditures and underestimating revenue is a good budget practice,” made a good discussion about the FY22 budget turn too poo
Yes Jimmy, if we dont like it we will vote you out. Geez Louise the crap the spew and believe sometimes is mind-boggling.