On April 11, 2013, new rules and regulations regarding Baltimore City's property tax credits became effective. Similar to the payments in lieu of taxes program (PILOT), Baltimore City has enacted rules and regulations that afford property owners a major tax credit for developing and, or converting current buildings into high-performance market-rate rental housing. Baltimore City Mayor, Stephanie Rawlings- Blake, is optimistic about the tax credit, believing the credit will spur development within Baltimore City. The city believes that development projects will attract new residents to Baltimore City, as well as deter current residents from leaving the city for areas that have a lower property tax rate. Critics of the tax credit have questioned the program's ability to successfully encourage developers to initiate development projects in Baltimore that weren't already interested in doing so in the first place.
"Comments: An Unnecessary "Solution": High-Performance Market-Rate Rental Housing,"
University of Baltimore Journal of Land and Development: Vol. 4
, Article 6.
Available at: http://scholarworks.law.ubalt.edu/ubjld/vol4/iss1/6