Baltimore City tax credits for resident Baltimore homebuyers is a program designed to keep residents in the city, rather than have them move out to the counties.
The program is called Resident Retention Tax Credits, and was introduced to the City Council on June 30, 2014. The program is intended to help current residents who lose their Homestead tax credits when they move to different homes within Baltimore City.
The total amount of credits could total up to $5,000 per household, beginning in 2015.
As of right now, the program could support about 750 credits. The idea is for them to be granted on a first-come, first-serve basis. In the first year, residents would receive a $1,000 tax credit, and then it would drop yearly over five years from $900, to $800, then $700 and finally $600 in the last year.
Residents must receive the Homestead Tax Credit in their current home to qualify for this new potential tax credit program.
Read more in the Baltimore Sun article about the Baltimore Resident Retention Tax Credits.
Another great incentive to continue to live in Baltimore!
Image courtesy of ddpavumba / FreeDigitalPhotos.net
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