FY 24 APPROVED OPERATING BUDGET

GENERAL FUND

FINANCIAL NOTES:

FY 24 Approved Budget

768,496,000

FY 23 Approved Budget

752,670,000

$ increase

15,826,000

% increase

2.10 %

FY 23

FY 24

CHANGE EXPLANATION OF INCREASE/DECREASE - REVENUES

PROPERTY TAXES:

286,278,500 296,550,950 10,272,450

of the FY 24 General Fund of the FY 23 General Fund

FY 23 Approved Budget

296,550,950

38.59 %

FY 22 Approved Budget

286,278,500

38.04 %

$ increase % increase

10,272,450

3.59 %

Maryland State law provides that all real property is subject to the property tax. Property owners receive a property tax bill each year, which is effective as of July 1st. Properties are reassessed by law once every three years and property owners are notified by the Maryland Department of Assessments and Taxation of any change in their assessment. Assessments are certified to the County where they are converted into property tax bills by applying the appropriate property tax rate. Each year the State reassesses one group, resulting in a complete reassessment of the County every three years. Decreased assessments, regardless of the property type, are fully applied in the first year. The total of the assessed values of local property is the County's assessable base, which can change through reassessment and the loss or gain of building and personal property. For FY 24, the County adopted a tax rate of $0.8413. Statewide "Group 2" reassessments in FY 24 increased by 20.6% over the past three years according to State Department of Assessment and Taxation. In Harford County, assessments in Group 2, which mainly covers the Bel Air area of the County, grew by 16.0% with residential and commercial assessments increasing by 17.1% and 10.4% respectively.

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