City of Baltimore - File #: 11-0290R

• File #: 11-0290R
• Version: 0
• Name: Request for State Legislation - Closing a Homestead Tax Credit Loophole
• Type: City Council Resolution
• Status: Adopted
• File created: 5/16/2011
• In control: City Council
• Final action: 10/17/2011
• Title: Request for State Legislation - Closing a Homestead Tax Credit Loophole FOR the purpose of respectfully requesting that the Baltimore City delegations to the General Assembly work to secure passage of legislation to prevent banks from benefitting from Homestead Tax Credits issued to homeowners they have evicted from their homes through foreclosure.
• Sponsors: Belinda Conaway, James B. Kraft, Carl Stokes, Warren Branch, Helen L. Holton, President Young, Sharon Green Middleton, William "Pete" Welch, Rochelle Spector, Mary Pat Clarke, Edward Reisinger, Nicholas C. D'Adamo, Bill Henry
• Indexes: Property Tax, Property Tax Credit, Resolution

Date	Ver.	Action By	Action	Result
10/17/2011	0	City Council	Adopted
9/26/2011	0	Taxation, Finance and Economic Development Committee	Scheduled for a Public Hearing
5/16/2011	0	The City Council	Introduced
5/16/2011	0	City Council	Assigned

* 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 R
(Resolution)

Introduced by: Councilmember Conaway

A RESOLUTION ENTITLED

A COUNCIL RESOLUTION concerning
title
Request for State Legislation - Closing a Homestead Tax Credit Loophole

FOR the purpose of respectfully requesting that the Baltimore City delegations to the General Assembly work to secure passage of legislation to prevent banks from benefitting from Homestead Tax Credits issued to homeowners they have evicted from their homes through foreclosure.
body

Recitals

The lingering effects of the worst economic downturn sine the Great Depression continue to pose challenges. All levels of government are struggling with lower tax revenue combined with greater demands for social services as the weak recovery strains many citizens’ finances. Foreclosures also remain at levels well above historic norms.

These foreclosures materially add to the burdens on government and society at large. Former homeowners thrown out into the street often need support from various government services to get by, placing an additional strain on an already overstretched social safety net. Nearly as bad, banks often do not immediately sell or take full possession of foreclosed upon, formerly owner occupied houses. Instead, previously well maintained homes are allowed to sit vacant, attracting all the symptoms of urban blight and forcing local government’s to expend scarce resources to ameliorate the harms these vacant properties bring t...