By Luke Broadwater
10:46 AM EDT, March 19, 2012
Banking on future income from slots, Mayor Stephanie Rawlings-Blake plans to formally introduce legislation at Monday's City Council hearing that would reduce Baltimore's property tax rate by 20 cents for homeowners by 2020.
The plan rewards owner-occupied properties through a homeowner's tax credit program funded with projected revenue from future slots machines to be installed in Baltimore.
In a news release about the proposal, the city characterized it as "responsible." Property taxes were a hot issue during last year's mayoral campaign, when several challengers proposed alternative tax reduction plans.
Under Rawlings-Blake's legislation, an owner-occupied home in Baltimore valued at $200,000 would see a $40 tax cut in 2013 and a $400 reduction in 2020, according to the city.
“Providing property tax relief for city homeowners is an important priority that will help to attract and retain families and get Baltimore growing again,” Rawlings-Blake said in a statement. “During this difficult economic period, it makes sense to target the City’s resources for property tax relief directly to homeowners first to have a bigger impact for families. It also makes sense to be fiscally-responsible and protect funding for core services.”
Rawlings-Blake publicly proposed the plan last year.
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