In the following, Gorfine, Schiller & Gardyn (GSG) podcast interview, Pat Hom, Director, Tax Services at Gorfine, Schiller & Gardyn, discusses the impact of property tax cuts on individuals, and businesses, as well as on cities like Baltimore.
The Baltimore Sun recently published an editorial about how the “devil is in the details” when it comes to cutting property taxes in Baltimore. The article highlights how group called Renew Baltimore is proposing that Baltimore property taxes be reduced from 2.248% of assessed value to 1.25% over six years.
This proposed tax cut could benefit both businesses and individuals. However, there could be compromises in the services that Baltimore would provide to its citizens. In addition, it’s important to know the differences between itemized and standard deductions when it comes to property tax.
Here are key highlights from this podcast interview:
• The high-level impact of these proposed tax cuts (:35)
• The differences between itemized and standard deductions when it comes to property tax, and how this plays into these proposed cuts. (2:50)
• How these proposed cuts could reduce overall revenue for the city of Baltimore. (6:18)
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