Baltimore Assessments Accidentally Subsidize Blight–and How We Can Fix It
17 days ago
- #Property Tax
- #Urban Development
- #Baltimore
- Baltimore systematically undervalues vacant lots by up to half a billion dollars, encouraging blight.
- Vacant lots are assessed at a fraction of neighboring developed properties, creating a tax advantage for keeping land unused.
- A new report reveals that vacant lots sell for significantly higher prices than their assessed values, indicating systemic undervaluation.
- The undervaluation shifts the tax burden onto homeowners and businesses, while subsidizing land speculation.
- A proposed solution involves using market data to reassess land values more accurately.
- Long-term improvements include better data collection and modernization of assessment systems to ensure fairness.
- Accurate assessments could help reduce blight, encourage development, and create a more equitable tax system in Baltimore.