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Buyer receives substantial savings on monthly property taxes.
The Baltimore City Historic Tax Credit freezes the assessed value (assessed
by the City) of the property for ten years. This assessed value is the basis
which the City uses to create the homeowners annual tax bill. If the property
you are purchasing qualifies, Schultz Development will transfer this credit
to you at settlement. Many new City residents are getting an unpleasant surprise
as the City reassesses the newly rehabbed property that they just purchased.
The Following is a sample of potential savings from a past sale:
$275,000 Without Historic Tax Credits
$275,000 PURCHASE PRICE (ASSESSED AT $275,000) |
30 YEAR FIXED
5.5% RATE |
$1,561.42 Princ. & Int.
+ $559.17
= $2,120.59 |
$360,000 Without Historic Tax Credits
$360,000 PURCHASE PRICE (ASSESSED AT $360,000) |
30 YEAR FIXED
5.5% RATE |
$2,044.04 Princ. & Int.
+ $732.00
= $2,776.04 |
$360,000 With Historic Tax Credits
$360,000 PURCHASE PRICE (ASSESSED AT $39,366 w/ assessed value
frozen for 10 years - Baltimore City Historic Tax Credit) |
30 YEAR FIXED
5.5% RATE |
$2,044.04 Princ. & Int.
+ $80.08 (current
taxes)
= $2,124.12 |
Savings on $360,000 home with Tax Credits
Tax credits enable buyer to
buy $85,000 more house with the same payment |
|
$2,766.04 payment without credits
-
$2,124.12
payment with credits
= $641.92 savings per month |
- Assessment Figures Above Show Properties Assessed at Full Purchase Price. Actual City Assessment Price May Be Higher or Lower. Savings shown are only projections based on current rates and are NOT guaranteed.
- Model Uses Current Baltimore City Tax Rate of 2.44% Assessed Annually.
124 N. Kenwood is Currently Assessed at $39,366.00.
- Figures Above Do Not Include Mortgage Insurance, or Hazard Insurance.
Back to Tax Credits
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