A new group called Renew Baltimore is pitching a plan to slash the city’s property tax rate in hopes of rebuilding the city’s population, bringing about “greater economic equity” and increasing revenue and stability.
Like almost all cities, Baltimore’s largest single source of revenue comes from property taxes. The city has a property tax rate more than double that of neighboring counties, and Renew Baltimore said it has been killing economic growth and driving residents to leave for decades.
The biggest loser, according to Renew Baltimore? Low-income, predominantly Black homeowners who pay a higher share of their income toward property taxes.
Experts told The Baltimore Sun cutting property taxes would almost certainly spur economic development. However, some balked at the use of the word “equity,” arguing that the biggest winners would be wealthy, predominantly white homeowners and out-of-town investors gentrifying neighborhoods. Still, several said lowering property taxes could be a good idea — with some caveats.
