FY 24 APPROVED OPERATING BUDGET

HIGHWAYS FUND

FY 22

FY 23 CHANGE EXPLANATION OF INCREASE/DECREASE - REVENUES

PROPERTY TAXES (CONT'D) The $822,950 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.

Property Tax Trend

45,000,000

41,088,840

40,807,750

39,927,999

40,000,000

38,466,817

35,000,000

30,000,000

25,000,000

20,000,000

15,000,000

10,000,000

FY 21 AUDITED FY 22 AUDITED FY 23 ESTIMATED FY 24 ESTIMATED

179