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	<title>Cecil Times &#187; layoffs</title>
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		<title>Cecil County Budget Warning: Casino $ to Decline, Schools Face Aid Cuts, Property Values Drop Could Prompt Tax Rate Boost</title>
		<link>https://ceciltimes.com/2011/12/cecil-county-budget-warning-casino-to-decline-schools-face-aid-cuts-propety-values-drop-could-prompt-tax-rate-boost/</link>
		<comments>https://ceciltimes.com/2011/12/cecil-county-budget-warning-casino-to-decline-schools-face-aid-cuts-propety-values-drop-could-prompt-tax-rate-boost/#comments</comments>
		<pubDate>Tue, 13 Dec 2011 20:47:07 +0000</pubDate>
		<dc:creator><![CDATA[Nancy Schwerzler]]></dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[cecil county]]></category>
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		<category><![CDATA[Robert Hodge]]></category>
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		<category><![CDATA[constant yield]]></category>
		<category><![CDATA[Craig Whiteford]]></category>
		<category><![CDATA[Hollywood casino]]></category>
		<category><![CDATA[layoffs]]></category>
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		<category><![CDATA[property tax]]></category>
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		<description><![CDATA[Local impact aid revenues from the Hollywood Casino in Perryville are likely to be lower than previously expected and Cecil County schools face new cuts in state aid in Fiscal 2013, the county’s budget director warned county Commissioners Tuesday. Craig Whiteford, the budget director, outlined issues facing the county as Commissioners begin the budget process in the new year. The Fiscal 2013 budget year begins 7/1/12, but commissioners begin reviewing budget issues in earnest in February and the budget is usually adopted at the end of May. Whiteford warned that lower property tax revenues, due to lower property values under state-rendered property assessments, means that just to keep the current “constant yield” of property tax revenues could mean a 2 ½ cent- increase in the current county tax rate. Constant yield means providing the same amount of overall property tax revenues to the county but if property values go down, it requires a higher tax rate for individual properties to generate the same amount of income as received in the previous budget year. The current property tax rate is .9401 cents per $100 of assessed property value, a rate that is a half-cent below the “constant yield” figure for the [&#8230;]]]></description>
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