Baltimore city leaders have pushed forward a major initiative that aims to lower property tax bills for residents, which are one of the highest in the entire state and “roughly double” those of most surrounding counties, according to the mayor.
Property taxes in Baltimore are currently about 2.25 per $100 of assessed value. Under Mayor Brandon Scott’s plan, the property tax rate would be lowered to below $2 for homeowners, the lowest rate in half a century, as reported by local news channel WMAR2 News.
Why It Matters
Skyrocketing home prices and rising property tax bills during the pandemic have put an insurmountable obstacle in front of many U.S. would-be homeowners trying to step on the property ladder.
In Maryland, average property values were up by 12.7 percent last year, according to state officials—a significant slowdown after they increased by more than 20 percent during the previous three years…