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My hometown and home of my beloved Ravens is sinking fast.
The forecast, obtained by The Associated Press ahead of its release to the public and the City Council on Wednesday, shows that the city will accumulate $745 million in budget deficits over the next decade because of a widening gap between projected revenues and expenditures.
For such a time as this.
Legalize heroin and crack. Sell both in city-owned stores. Instant solvency.
Can't they just join the Big Ten?
Property taxes are keeping people out of the city
Just turn the city into a The Wire-themed amusement park.
This - the taxes are >$4,000 more than any part of Maryland and I have no idea where it goes to. It's not as if I've ever seen them improve the streets or anything.
Public schools, too. Sorry matt.
Tax the Super Bowl.
Not surprising, degree may be different but this is probably the same thing a lot of municipalities are going through. Headline is frightening but the article is encouraging.
What part of it is encouraging? Just that they admit that there's a huge issue?
Baltimore property taxes are hilarious (if you don't live there)
Even if it were only that, I would say yes. Admitting, on record, that you have potentially crippling financial problems is the necessary first step. Some places don't even get to that point.
This post was edited by multiple awards 17 months ago
I'm pretty sure they just copy/paste/update the dates on that article every year, though. I've read at least a couple of different versions of it in past years.
I'd love to have a house in the city and I'm looking to buy, but the taxes are a deal breaker
it rhymes with Kraft
aha! I knew davejuice had something to do with this!
They've actually done a ton of work to the streets and sidewalks in fells point and canton.
Check out CHAP historic tax credits in canton, fells, fed hill...we bought in the spring in canton, taxes should be $8-9K but are frozen at $2400 for ten years. What about after ten years? Oh i don't know, that seems a long way off.
Wow, this is a real shocker.
I thought you had to invest in the property in order to receive that?
So I was in Baltimore yesterday and drove by deteriorating schools and over pothole-ridden streets. Where are all those tax dollars going?
Here is the 2011 CAFR (Comprehensive Annual Financial Report). One of the benefits of governmental accounting is that no one understands it.
Basically the city just has to approve a property for the tax credit, and then the house needs to be rehabbed according to some historical standards (no formstone, wood doors, wood window frames, etc). You can do this all yourself, or you can buy a property that has this distinction (credit is transferable), which is becoming really popular in canton (less so in fed hill and fells). More on this in a bit.... You don't pay taxes on the "improved value" of the home. So for example, some builder buys a shell for 100K, gets approval from the city for the tax credit, sells the house for 400K. Typically your annual tax bill would be 2.4% x $400,000 = $9600, but with the tax credit the bill is frozen around 2.4% x 100K = $2400 for ten years.
This credit is becoming more and more popular because builders are realizing they can sell these homes for 5-10% above market value (buyer's payment will still be much lower than a much cheaper house at the regular tax rate). One of the smart moves the city has actually made; developing the neighborhoods, getting rid of lots of shells that aren't collecting tax anyway, bringing people into the city, and setting up some nice revenue in ~10 yrs.
I read an article years ago about the dwindling population of Baltimore and the corresponding rise in City workers. Baltimore, at one point, had a population of nearly a million people. Now its around 600k yet the city govt is as big as ever. As the population goes down, as it has been for the last 30 year, if you don't reduce govt size, you have to figure out a way to pay for it. Hello property taxes. It can always be sold as a way to tax the rich or needed money for school improvements.
Just figure out what Detriot and Chicago has done.
Detroit went from 1.8 million to less than 800,000 over the past couple of decades. Chicago not as bad. But they figured something out during that time.
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