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 ...
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