New Tax Credit Would Reward Homeowners Who Move but Stay in Baltimore

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New Tax Credit for Baltimore Homeowners

Another band-aid on the problem of Baltimore City’s high property tax rates is being put before the city Council today. The city is planning to set aside $3 million to fund the Resident Retention Tax Credits — up to $5,000 for residents who lose their Homestead tax credits by moving to a new house, as long as that new house is in Baltimore.

The problem of residents losing their Homestead credit was previously addressed with a similar payout at the state level by Del. Maggie McIntosh. Her bill allowed Baltimore City homeowners to transfer a portion of their Homestead tax credit to a new property within the city.

The new tax credits would work like so: If you are already receiving the Homestead tax credit and move to a new home in the city, you may qualify for five years of the Resident Retention Tax Credits. You get $1,000 the first year, $900 the next. $800 after that, and so on. If you buy in a lower-income area, you’re eligible for $200 more each year.

 

 



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  1. That might make a difference to some but to others it’s not going to alleviate the real problems that cause a lot of the city residents to move out of the city- high property taxes, high crime, drug dealers and public schools. Until the city addresses those things it’s going to continue having a difficult time with retaining its residents and attracting new residents.

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