Real Estate Recovery Fills Baltimore's Coffers

BALTIMORE—An increase in the number of transactions as well as rising property values have caused real estate revenues to rise sharply in Baltimore.

Real estate transactions and rising property values helped the city rake in nearly $53 million more than the $755.3 million originally projected in the previous fiscal year ended June 30, 2014. Revenue was almost evenly split between property tax revenue and the transfer and recordation taxes, according to the Baltimore Business Journal.

So far about six months into the fiscal year, City Budget Director Andrew Kleine says, “The market's improved—more activity in residential and commercial, prices are back up. Not to where they were before the recession, but they've been rising."

Real estate revenue could see a significant increase if several large office buildings trade. 250 W. Pratt St., 300 E. Lombard St. and 2 Hopkins Plaza, could all sell before the end of the fiscal year in June. See story in the Baltimore Business Journal.