On March 15, Montgomery County Executive Marc Elrich unveiled his $6.8 billion FY ’24 budget. Elrich’s budget calls for a 10 percent increase in the county’s property tax rate, increasing the rate from $0.99 to $1.09. GCAAR is strongly opposed to Elrich’s unnecessary tax hike, which will:

• drive up the cost of living for residents 
• further increase the rising cost of housing
• drive away potential homeowners to surrounding counties 
• hamper economic growth 

Elrich stated that Montgomery County’s property tax rate is lower than 11 out of 24 other jurisdictions in Maryland. However, he failed to note the cost of land and median home values when comparing the property tax rates. Montgomery County has one of the highest median home sale prices in the area: 

The budget now heads to the Montgomery County Council for deliberation and must be approved by June 1. During this time, the Council will hold numerous budget hearings, including public hearings on April 11 and 13.  

Over the coming weeks, GCAAR will be testifying and sending out updates and information on ways YOU can help fight Elrich’s tax increase. Be on the lookout for additional GCAAR communications in your inbox as updates are available.

REALTORS®: Take action here

Consumers: Take action here