Chapter 7.16
REAL AND PERSONAL PROPERTY
Sections:
7.16.020 Annual tax levy on real and personal property.
7.16.010 Definitions.
The terms used in this chapter shall have the following meanings:
“Adjusted assessed value” means the assessed value of any real or personal property, as determined by the State Department of Assessments and Taxation, divided by 100 and rounded off to the nearest hundredth.
“Assessable and taxable base” means the assessed value of all real and personal property subject to the tax called for which is located in the City, as such value is determined by the State of Maryland Department of Assessments and Taxation and reported annually to the City.
“County” means Montgomery County, Maryland.
“County payment” means any payment made by Montgomery County, Maryland to the City in accordance with Section 6-305 of the Tax-Property Article of the Annotated Code of Maryland. (Ord. 2021-36, 2021/prior code § 11A-1)
7.16.020 Annual tax levy on real and personal property.
Effective July 1, 2023, all real and personal property which is subject to taxation by the City shall be subject to a tax on the assessed value of such real and personal property as such value is determined by the State Department of Assessments and Taxation, at the rate of:
|
Real Property |
Tax Rate |
|
Apartments |
$0.5522 per $100 of assessed valuation |
|
Commercial |
$0.5522 per $100 of assessed valuation |
|
Residential |
$0.5522 per $100 of assessed valuation |
|
Vacant |
$0.5522 per $100 of assessed valuation |
|
Personal Property |
$1.55 per $100 of assessed valuation |
|
Railroad and Public Utilities |
$1.57 per $100 of assessed valuation |
(Ord. 2023-6 § 1, 2023/Ord. 2022-14 § 1, 2022/Ord. 2021-36, 2021/Ord. 2021-18 § 1, 2021/Ord. 2020-9 § 1, 2020/Ord. 2019-11 § 1, 2019/Ord. 2018-16 § 1, 2018/Ord. 2017-19 § 1, 2017/Ord. 2016-17 § 1, 2016/Ord. 2015-19 § 1, 2015/Ord. 2014-27 § 1, 2014/Ord. 2013-16 § 1, 2013/Ord. 2012-21 § 1, 2012/Ord. 2010-22 § 1, 2010/Ord. 2009-26 § 1, 2009/Ord. 2008-24, § 1, 6-9-08/Ord. 2007-29 § 1, 2007: prior code § 11A-2)
7.16.030 Property tax credit.
A. Double Taxation Credit. Effective July 1, 1987, each taxpayer shall be entitled to a credit against the tax which would otherwise be due and payable to the City of equal to an amount determined by:
1. Dividing the County payment actually made in the fiscal year in which a tax credit is to be determined by the assessable and taxable base of the County; and
2. Multiplying the result by each taxable property’s adjusted assessed value.
B. Uniform Application of Formula. This formula shall be applied uniformly to all classes of taxable real and personal property throughout the City. (Ord. 2021-36, 2021/prior code § 11A-3)