County officials say funding the Harford public school system’s requested $60 million budget increase would require tax increases, while school officials warn that not covering the system’s $60 million budget deficit would result in devastating cuts for students. Both outcomes will have an impact on county residents. Here’s a look at the possibilities.
Harford County Executive Bob Cassilly stated that the county saw revenue growth of only 3% this year due to stagnant state revenue growth of less than 1%. Cassilly says that when state revenues suffer, the county suffers — posing a challenge for Harford County when conversations of increased spending arise.
The majority of Harford County’s revenue comes from property taxes. The county’s current property tax rate is 98 cents per $100 of assessed value. County officials said that in order to pay for the school system’s $60 million increase, the county’s tax rate would need to increase by 15 cents to $1.13 per $100 of assessed value.
According to the national real estate brokerage corporation Redfin, the median cost of a home in Harford County is $385,000, as of October. The owner of a $385,000 home would pay about $3,773 annually in property taxes, under current rates. If taxes were increased to the $1.13 rate, that homeowner would pay about $4,350 in property taxes…..
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