Officials are proposing to maintain Ocean City’s property tax rate for the coming fiscal year, resulting in additional revenue of $5.7 million.
On Monday, City Manager Terry McGean and Budget Director Jennie Knapp presented the mayor and City Council with the proposed budget for fiscal year 2026.
The spending plan, totaling $181,875,671, includes a property tax rate of 44.26 cents per $100 of assessed value, or the same property tax rate set the year prior.
“There’s an additional $5.7 million generated by setting the tax rate at .4426,” Knapp said this week. “And one penny on the tax rate is $1,220,969.”
In February, the Maryland Department of Assessments and Taxation (SDAT) notified the state’s counties and municipalities of the tax rate that would be needed for each jurisdiction to produce the same revenue as the year prior.
This rate, known as the constant yield rate, is based on the new assessed value of taxable properties in a jurisdiction.
Stop the stupid wasteful spending and you won’t have to raise taxes. How much did this new parking fee system cost? Parking meters work just fine. Oh, but you can change the hourly rate with just the click of a mouse, now I see.