The idea of lowering the property taxes is to make living in the city more competitive with living in the surrounding counties, which currently have a rate more than half that of the city. Even with the reduction to $2.068 in eight years, this would still by nearly twice that of Baltimore County (currently $1.1) Howard County ($1.014) an Anne Arundel ($0.91) See State Dept of Assessment and Taxation
Will this rather small reduction really make a difference? If you’re a current property owner, definitely. Any reduction of the property tax rate will be welcomed. However, is this enough to stem the loss of population to the counties, or justify a potential buyer to purchase in the city over the counties. I, for one, am not fully sold.