ANNAPOLIS, Md. (AP) — Maryland’s property tax will hold steady for now, but Comptroller Peter Franchot is warning about rising debt service obligations in upcoming years.
The Board of Public Works on Wednesday held the state property tax to 11.2 cents per $100 of assessed property value.
But Franchot noted that debt service obligations will increase in the next several years to $1.4 billion. He says it’s important the state keep that in mind.
Treasurer Nancy Kopp says Maryland has long been recognized for having a prudent system to borrow money for infrastructure at the lowest interest rates.
She also noted that former Gov. Robert Ehrlich set the rate at 13 cents for number of years. She says the board may need to seriously think about going back to that in future years.
(Copyright 2012 by The Associated Press. All Rights Reserved.)