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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