Baltimore Homeowners to Receive 1-Cent Property Tax Rate Reduction

BALTIMORE — Homeowners in Baltimore will experience a slight decrease in their property tax bills starting next year, following the approval of a one-cent reduction in the city's residential property tax rate by the Board of Estimates on Wednesday.

This change, which will be implemented in fiscal year 2027, is part of a larger initiative aimed at alleviating the high property tax burden faced by residents in Maryland's largest city.

City officials estimate that homeowners with properties valued at $200,000 will save approximately $20 annually, while those with homes valued at $500,000 can expect to see a reduction of around $50.

Mayor Brandon Scott emphasized that this reduction is merely the beginning of a comprehensive plan to lower Baltimore's property tax rate below $2 per $100 of assessed value. “This is just the first part of that,” he stated, indicating that further reductions are anticipated in the future.

Reported by HarborBeat based on WBFF (source).