Baltimore City’s Board of Estimates recently agreed to lower the property tax rate in the upcoming fiscal year, decreasing it by a total of 14 cents over two years. This action is part of Mayor Stephanie Rawlings-Blake’s plan to reduce the property tax by 20 cents by the year 2020.
As reported by the Baltimore Sun:
The tax break, approved without discussion by the Board of Estimates, will lower the property tax bill for an average home by $174. The bill for a $145,500 house will drop from $3,269 to $3,095 in the fiscal year that begins July 1.
The tax break is part of the Targeted Homeowners’ Tax Credit. The rate for rental properties and businesses will remain $2.25 per $100 of assessed value.