BALTIMORE, MD-Mayor Stephanie Rawlings-Blake plans to introduce a measure to the City Council this week that would provide lucrative tax breaks to apartment builders looking to develop projects here.
The mayor plans to introduce legislation to provide tax breaks for multifamily projects downtown and in six other neighborhoods, according to the Baltimore Sun.
The legislation, which Rawlings-Blake could introduce as early as today, would provide a declining abatement over 15 years to developers of market-rate apartment buildings with 50 or more units.
In the first two years following the issuance of an occupancy permit, the development’s property taxes would be abated 100%, followed by decreases in the tax abatement in yearly 10% increments. The tax abatement would drop down to 20% by year 13. See story in the Baltimore Sun.