Reducing Property Taxes
Baltimore has to lower its property tax rate. Incentivizing investment with a lower tax rate will create both jobs and economic viability. I propose cutting the tax by 50 percent within 5-8 years. During the time of property tax reduction, we will look to the following to provide additional revenue to the city:
- Popping the Homestead tax credit, which currently creates a false ceiling, currently at 4 percent, we can increase it by 2 percent a year up to 10 percent and then reverse it again and put every penny of the increase of funds toward the rate reduction. Seniors and income limited homeowners will have caps as allowed by city and state programs;
- Accepting Smart Growth funding state aid, as has been provided in several other states that lasts over a 2-3 year window; and
- Partnering with nonprofits (not houses of worship) that receive city services especially for our large institutions (in other cities, universities and hospitals pay a voluntary service fee to the city).