Property Tax Rate In Thurmont To Drop

But water and sewer rates will be increasing.Thurmont, Md (KM) The town of Thurmont has a budget for fiscal year 2025 as well as a reduced property tax rate. The Town Commissioners at a meeting on May 7th agreed to set the rate at 29,87 cents per $100 of dollars of assessed value.   That’s a reduction from the current rate of  32.06 cents per $100 of assessed value.The new tax rate is also the town’s constant yield rate which would enables  it to bring as much revenue in fiscal year 2025 as it did during fiscal year 2024.The Board also voted on May 20th in favor of an operating budget of $4.7-million, up from $4.3-miillion.Linda Joyce is the town’s chief financial officer. “Our general fund revenues are  $5,164,899. The expenditures for the operating part of the general fund expenditures are $4,703, 855,” she said.”The general fund capital budget is $533,394 and we’ll be using our unrestricted fund balance fund that’s found in the general fund.  And that dollar amount is $72,350, ‘ Joyce continues.Thurmont residents will also be paying a 15 percent increase in water and sewer rates for fiscal year 2025. There will also be a 7.4 percent increase in electric retail rates set to take affect in January, 2025.Fiscal year 2025 begins on July 1st, 2024.By Kevin McManusBy Kevin McManus