Baltimore Launches Plans to Reduce Property Taxes
Summary
Baltimore city leaders announced a new plan to lower property taxes for residents. Currently, Baltimore's property taxes are among the highest in the state. The plan aims to reduce the rate to under $2 per $100 of assessed value, making it the lowest in fifty years.Key Facts
- Baltimore's property taxes are about 2.25 per $100 of assessed value.
- The new plan would lower the rate to under $2 for homeowners.
- This would be the lowest property tax rate in Baltimore in 50 years.
- Mayor Brandon Scott introduced a three-part strategy to achieve this goal.
- The plan includes adjusting the Homestead Property Tax Credit cap from 4% to 6%.
- The Targeted Homeowners Tax Credit will expand under this initiative.
- There will be efforts to boost enrollment in state homeowner and renter tax credit programs.
- Baltimore will change its tax sale process to prevent homeowners from losing equity.
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