To fund what we spend for the upkeep of streets, sidewalks, town lighting, parking, sanitation, and other improvements to the town, Oakmont receives annual revenue from four sources:
- Property taxes ( about 35% of our income) are received from Montgomery County as collected from property owners at a rate that can, according to our Charter, range from $.04 to $.20 on each one hundred dollars worth of assessable real property. The current rate, which must be approved at the annual town meeting, is $.04 per $100 of assessed value.
- Income taxes (~50%) are received from the State of Maryland as a percentage of local income taxes collected from residents of Oakmont.
- Highway taxes (~8%) are received from the State of Maryland Highway Administration for road maintenance of Oak Place.
- Municipal taxes (~7%) are received from Montgomery County through the Municipal Tax Duplication Program for road maintenance of Oak Place.
To read about Oakmont’s authority for taxation, see the town Charter.