The Berkeley Lake City Council will vote to lower the city’s 2017 property tax millage rate at 8 p.m. Wednesday, June 28 at City Hall, 4040 South Berkeley Lake Road. The proposed 2.269 mills is 1.69 percent below the rollback rate.
When property values rise, the city is subject to an automatic tax rate reduction, designed to keep revenues the same as in the previous year. This is the rollback rate. If the city wants to keep its millage rate the same and take in more revenue, it must advertise this rollback rate as a tax increase since most homeowners would see bigger bills.
Berkeley Lake’s proposed 2.269 mills may result in a slightly lower property tax bill for homeowners. As an example, for a home with a fair market value of $400,000 in 2016, the city property tax was $379.04. For a $400,000 home in 2017, the tax will be $363.04, which represents a 4.22 percent reduction in taxes year to year if the home is valued at the same amount in both years.
Berkeley Lake has steadily reduced its millage rate from 2.8 mills in 2012 to the proposed 2.269 in 2017.
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