The program keeps the assessed tax of the renovated or rehabilitated property at the same level as it was before the start of renovation for the next 10 years. This is Baltimore City's first tax credit designed to benefit owners of historically designated property. Ten-year tax credit for all renovations, interior and exterior, is the most generous in Baltimore City and will be the most comprehensive in the country. Credit will benefit both homeowners and businesses. Goal of the program is to help preserve Baltimore's neighborhoods by encouraging restoration and rehabilitation.
Credit is fully transferrable to a new owner for the remaining life of the credit.
Your restoration or rehabilitation plans must be reviewed and approved by CHAP before you begin any work on your building, if you wish to receive the tax credit. Rehabilitation must follow CHAP's Historic Preservation Guidelines. Upon completion of the work, CHAP sends the approved application to the State Department of Taxation. The State Department of Taxation will advise Baltimore City's Department of Collections regarding the amount of tax credit and a new bill will be sent to you, the property owner. Examples of Tax Savings Substantial improvement of a property does not necessarily result in a property value increase for tax purposes.