Baltimore's property tax rate, more than twice that of any other jurisdiction in the state, is unquestionably a drag on investment in the city. It needs to come down in general, and not just for homeowners — commercial investment, which leads to job creation, is held back by the tax rate, and rental housing, an important consideration in a city with a high poverty rate, is made more expensive by the high taxes. But it makes sense to target the limited funds slots will produce to homeowners. The city's best hope is for families and individuals to buy and improve undervalued properties and, bit by bit, turn around neighborhoods. Cutting the rate by 20 cents for homeowners makes the economics of such a proposition at least somewhat more feasible.