Baltimore's recent report indicates that the city is undervaluing vacant land by nearly $500 million. This undervaluation results in minimal tax obligations for absentee speculators, while residents contend with the highest effective property tax rate in Maryland. The lower assessments on vacant lots hinder the city's revenue, contributing to a declining tax base and jeopardizing neighborhood stability. Maryland's State Department of Assessments and Taxation is set to reassess these vacant properties in response. Implementing fair land taxes could discourage speculation and promote urban redevelopment.
Baltimore is undervaluing vacant land by nearly half a billion dollars, leading to low tax bills for absentee speculators while residents face the highest property tax rate in Maryland.
The disparity in tax assessments between vacant lots and occupied properties is evident, hindering city revenue and incentivizing land speculation.
Maryland's State Department of Assessments and Taxation plans to reassess vacant land after findings highlight persistent undervaluation issues.
Properly taxing vacant land can reshape urban development incentives, discouraging speculation and accelerating redevelopment, focusing growth on areas with existing infrastructure.
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