FY 23 Approved Budget Book

HIGHWAYS FUND

FY 22

FY 23

CHANGE

EXPLANATION OF INCREASE/DECREASE - REVENUES

PROPERTY TAXES (CONT'D) The $1,976,800 increase in highways fund property tax revenue is based on the assessments in the northern rural area of the county growing. We consider various sources of information to make property tax revenue projections. The primary source is the Maryland Department of Assessment and Taxation (SDAT). They provide assessment estimates in November and March for the current, and the next two upcoming tax years. The second source of information is building permit activity reports, transfer tax reports, and real estate sales information. These reports along with prior year data are reviewed in order to properly perform a trend analysis.

148