May 28, 2015

County Council Adopts $5.08 Billion Total Operating Budget for FY2016; Property Taxes Maintained at Charter Limit

The Montgomery County Council adopted a $5.08 billion total County operating budget for Fiscal Year 2016 that begins July 1. The budget reflects a 1.7 percent increase over the approved budget for FY 2015.

The total County budget, including debt service, grants and enterprise funds, will be $5.08 billion. The overall tax supported portion of the budget including debt service will be $4.42 billion, an increase of 1.5 percent from the FY15 budget.

The budget maintains property tax revenue at the Charter limit (last year’s amount plus an inflation-tied increase). It includes a $692 property tax credit for owner-occupants of principal residences. The weighted property tax rate will decrease to 98.7 cents per $100 of assessed value (from 99.6 cents).

The budget will go into effect on July 1.

See more in the Council news release.

Read County Executive’s reaction to the Council’s approved budget.

Visit montgomerycountymd.gov/openbudget.

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