In Baltimore, a new report reveals that the city is undervaluing vacant land by nearly half a billion dollars, leading to rock-bottom tax bills for absentee speculators while residents face the highest effective property tax rate in Maryland. The issue of under-assessed vacant lots contributes to a shrinking tax base, eroding neighborhood stability, and placing a financial burden on homeowners and renters.
FULL STORY: Homeowners Are Covering a Massive $484 Million Property Tax Mistake in This U.S. City
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Key takeaways
- Baltimore’s undervaluation of vacant land by almost $500 million allows absentee speculators to pay minimal taxes while residents bear the highest property tax rate in Maryland.
- The disparity in tax assessments between vacant lots and occupied properties is evident, with vacant lots being assessed at significantly lower values, hindering city revenue and incentivizing land speculation.
- Maryland’s State…