If anyone caught the Baltimore Sun on January 23rd there was an article on the argument for Baltimore City to lower it’s property taxes. Jamie Hopkins from the Sun interviewed Loyola University Maryland (nee Loyola College) economics professor Dr. Steve Walters about his plan. I won’t go into too much detail, because it’s best to read what is said, but the basis of the plan is for the city to slash its property tax over the next 4 years. The result, Walters says, would encourage residents and businesses to move into the city, because the surrounds counties wouldn’t be as cheap as they once were. Additionally, the added population and commerce would offset (over time), any loss in revenue from dropping the tax rate.
Currently, Baltimore City has the highest property tax rate in the state of Maryland, at 2.268%. No other county in the state has a rate higher than 2% with the next highest in Baltimore County at 1.1%. With the upcoming Mayoral election this should be a hot topic.
The question remains though, which mayoral candidate (or current mayor) has the guts to do this, for the future of the city?