BALTIMORE – More than a decade of research from multiple sources shows Baltimore’s wealthy homeowners paid less than they owed in property taxes, while poorer homeowners paid more than they owed.
A 2023 study conducted by a member of Strong Towns Baltimore – the group is now known as Baltimoreans for People-Oriented Places, or BaltPOP – examined if tax-assessed property values could predict actual home sale prices. The study, which considered the period from 2020 to 2023, found that cheaper homes were likely to be overassessed while a majority of homes sold for more than $1 million were often assessed at much less than their sale price.
Previous research by Dr. Christopher Berry at the University of Chicago found that 75% of the lowest-value homes in Baltimore were overassessed from 2009 to 2018. One property shown in Berry’s study sold for $39,692 and had a tax bill of $1,053.47, which was $315.26 – or 42.7% – above the average tax rate…