ANNAPOLIS - Maryland's tax collector warned on Wednesday that residents may need to pay $1.4 billion extra to pay off the state's debt in the next few years.
"I just want to indicate to everyone that we have some significant problems looming on the horizon," said Comptroller Peter Franchot during a Board of Public Works meeting in which officials kept the state property tax at 11.2 cents per $100 of assessed value.
Franchot pointed to a new report from the Commission on State Debt showing shortfalls of $246 million, $311 million, $395 million and $440 million in fiscal years 2014 through 2017 if property tax rates remain the same.
2 comments:
"if property tax rates remain the same"
Franchot left out the part about spending increasing or remaining the same. He hasn't even begun running for Governor yet and he already speaks like O'Malley.
tsk tsk
If I go to the grocery store and I don't have enough money to pay my bill I don't get on the loudspeaker and tell all the other shoppers that it's time to pay up,I start removing items from my list.Pretty simple game.The general assembly should try it this year.
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