Newly
Constructed Dwelling Property Tax Credit
This program was designed to encourage the construction
and purchase of new homes in the city.
Vacant
Dwelling Property Tax Credit
This program was designed to encourage the renovation
and reuse of residential vacant properties. It was
the first of a series of tax credits enacted in the
mid-1990s in response to concern about lagging development
in the City during and after the recession of the
early-1990s.
Home
Improvement Property Tax Credit
This program was designed to provide an incentive
to make improvements to residential properties and
lessen the financial burden on property owners.
Brownfield
Property Tax Credit
This program was designed to encourage the re-development
of contaminated abandoned and/or under-utilized industrial/commercial
sites. This program offers a city property tax credit
(for both real and personal property taxes) on the
increased property taxes after eligible improvements*
are made (improved value).
Tax
Credit for Conservation Property
Enacted in 1986, this state program is designed to
support preservation of conservation areas or open
space properties.
Dwelling
on Cemetery Property Tax Credit
This program was designed to provide a full city property
tax credit for improved properties: located on the
site of cemetery property that is exempt under Sate
Tax Property Article §7-201, and used as a dwelling
by an employee of the owner of the exempt property.
Enterprise
Zone Property Tax Credit
This program was established in the early 1980's to
encourage targeted investment in economically distressed
areas as measured by unemployment, poverty status,
population decline, or property abandonment. The City
currently has 8 enterprise zones.
Fallen
Hero Tax Credit
This program was designed to provide property tax
relief to the surviving spouse of a "Fallen Hero",
an individual determined by the Fire and Police Employee's
Retirement Systems to have died in the line of duty
pursuant to applicable provisions of the City Code.
Historic
Restoration and Rehabilitation Property Tax Credit
This program was designed to encourage preservation
and investment in historic properties.
Homestead
Property Tax Credit
This program was designed to limit the amount of the
annual increase in taxable assessments for eligible
owner occupied properties. The program dates back
to the late 1970's, a period of rapid escalation in
property values.