The Resident Retention Tax Credit (sometimes referred to as the Portable Homestead Credit) is designed to encourage buyers to purchase their second (third, fourth, etc.) home in Baltimore City. The incentive provides a five-year property tax credit in the following amounts: Year 1- $1,000; Year 2- $900; Year 3- $800; Year 4- $700; Year 5- $600. Following Year 5 of the Resident Retention Tax Credit, the Homestead Tax Credit resumes (based on the original purchase price of the home). There are specific steps to follow to obtain this credit. Contact Live Baltimore or the Department of Finance for explicit instructions.
Details:
Applicants must obtain tax credit approval before entering into a sales contract on their desired new home. (Call Live Baltimore or the contact listed below for explicity approval steps.
Applicant must currently own a home in Baltimore City and have recieved the Homestead Tax Credit for at least 5 years.
Applicant must purchase a home with greater value than current residence.
Applicants new home must be their primary residence.
For More Information
Baltimore City Department of Finance William Voorhees, Ph.D. 100 Holliday Street, Suite 545 Baltimore, MD 21202