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Posted at 9:43 PM ET, 12/13/2010

An unfair tax exemption in Maryland

By Seth Grimes, Takoma Park

Montgomery County’s projected $300 million budget shortfall [“Leggett orders cuts in spending,” Metro, Dec. 3] will make for difficult choices. We in Montgomery must minimize cuts that will harm the neediest populations, and we must also seek new revenue sources.

I willingly pay personal property taxes on my small business’s computers, furniture and equipment, yet Maryland financial institutions enjoy a decades-old, statewide exemption from these same taxes, to the detriment of counties and cities throughout the state. Del. Sheila E. Hixson (D-Montgomery), chair of the Maryland House of Delegates’ Ways and Means Committee, has said ending the exemption could “be an area where legislation may be helpful.”

I hope all Maryland legislators will get on board to end financial institutions’ unfair exemption, a step to protect Maryland’s neediest.

By Seth Grimes, Takoma Park  | December 13, 2010; 9:43 PM ET
Categories:  Maryland, Montgomery County  
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Comments

I own a small retail shop next door to SunTrust bank and a block from Bank of America. I pay a personal property tax not only on my equipment but on my inventory as well. The more products I have to offer my customers, the more tax I pay to Takoma Park. When retailers ask for a reduction in the tax rate (about 2%) they are told the City needs the money. But the large banks, whose equipment and supplies have very high value, and who receive the same services my store receives, if not more, pay nothing. What's wrong with this picture?

Larry J. Silverman
President
S & A Beads
7308 Birch Avenue
Takoma Park, MD 20912

Posted by: LarrySilverman | December 14, 2010 10:46 AM | Report abuse

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