EXPLANATION: CAPITALS indicate matter added to existing law.
[Brackets] indicate matter deleted from existing law.
* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL
Introduced by: Councilmember D'Adamo
A BILL ENTITLED
AN ORDINANCE concerning
Title
Annual Property Tax - Fiscal Year 2007
FOR the purpose of providing a tax for the use of the Mayor and City Council of Baltimore for the period July 1, 2006 through June 30, 2007; setting the semiannual payment service charge for that period; and providing for a special effective date.
Body
Recitals
Reducing the City property tax rate will provide considerable needed relief to homeowners. For a home assessed at $150,000, for example, the following tax reductions would provide the following savings:
$.10 tax reduction = $150 savings to homeowner
$.08 tax reduction = $120 savings to homeowner
$.06 tax reduction = $ 90 savings to homeowner
$.04 tax reduction = $ 60 savings to homeowner
$.02 tax reduction = $ 30 savings to homeowner
The cost to the City of providing this relief is affordable. Thus, for example:
$.10 tax reduction = $27.71-million cost to City
$.08 tax reduction = $22.16-million cost to City
$.06 tax reduction = $16.62-million cost to City
$.04 tax reduction = $11.08-million cost to City
$.02 tax reduction = $5.54-million cost to City
SECTION 1. BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF BALTIMORE, That for the period July 1, 2006 through June 30, 2007, a tax is levied and imposed for the use of the Mayor and City Council of Baltimore on all property in the City of Baltimore (except property exempt by law), as follows:
(a) except as otherwise specified in item (b) of this section, a tax of $2.208 is levied and imposed on every $100 of assessed or assessable value of real property; and
(b) a tax of $5.77, is levied and imposed on every $100 of assessed or assessable value of:
(1) personal property; and
(2) operating real property described in State Tax-Property Article § 8-109(c).
SECTION 2. AND BE IT FURTHER ORDAINED, That this tax shall be paid and collected in the manner prescribed by law.
SECTION 3. AND BE IT FURTHER ORDAINED, That for the period July 1, 2006, through June 30, 2007, the semiannual payment service charges to be imposed under State Tax-Property Article § 10-204.3 is 0.642%.
SECTION 4. AND BE IT FURTHER ORDAINED, That this Ordinance takes effect on the date it is enacted.
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