A bill before the Baltimore City Council proposes to raise taxes on certain property sales in order to fund affordable housing projects. It is estimated that the tax would raise $20 million and be a dedicated funding source for the affordable housing trust fund that was approved in 2016 without a designated revenue source.
From The Baltimore Sun:
A bill being introduced in the City Council on Monday would increase the city’s 1.5 percent transfer tax to 2.1 percent and the recordation tax from 1 percent to 1.4 percent. The increases would apply only to properties sold to owners who intend to rent the buildings, not to buyers who intend to live in them.
Matt Hill, an attorney at the Public Justice Center and a member of the group, said the tax represents a small proportion of each property sale but would have a big effect in Baltimore’s blighted neighborhoods by creating jobs, eliminating vacants and building permanent affordable homes.
To learn more read The Baltimore Sun.