PJC In The News

Baltimore council president backs $20 million in property-sale tax hike to fund affordable housing

April 16, 2018

By Ian Duncan, Baltimore Sun

Baltimore City Council President Bernard C. “Jack” Young is lending his support to a proposal being introduced today that would increase taxes on certain property sales in the city to raise an estimated $20 million to fund affordable housing projects.

Voters approved the creation of an affordable housing trust fund in 2016 but city officials have not designated a revenue source for the fund. Young said generating money for the fund through a dedicated tax increase would be a “breakthrough.”

“It’s something that really needs to happen,” he said. “This is one of the important issues that is facing Baltimore city when you look at rising rates of rents.”

A bill being introduced in the City Council on Monday would increase the city’s 1.5 percent transfer tax to 2.1 percent and the recordation tax from 1 percent to 1.4 percent. The increases would apply only to properties sold to owners who intend to rent the buildings, not to buyers who intend to live in them.

Read the full article, "Baltimore council president backs $20 million in property-sale tax hike to fund affordable housing," here.



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