If you're looking for Baltimore real estate, the Chris Cooke Team can help you find your dream home. Check out Baltimore homes and condos for sale here. Call Chris Cooke at 410.814.2408. Close
Page Summary

Federal Hill CHAP Historic Tax Credit Properties

Federal Hill CHAP Tax credit properties offer Buyers the opportunity to purchase newly renovated homes with extremely low taxes. Taxes are frozen for 10 years. The Chris Cooke Team works with several local Developers that specialize in the rehabilitation and restoration of properties utilizing CHAP historic tax credits. This credit enables Buyers to:
- Increase Purchasing Power
- Reduce the Amount of their Mortgage Payment
- Save Tens of Thousands of Dollars - Savings Can Exceed $100,000.00

Federal Hill Real Estate Statistics

Total Listings: 260
Average Price: $247,126
Highest Listing Price: $1,500,000
Lowest Listing Price: $1,000

Roll over thumbnail to enlarge.

Search Federal Hill CHAP Historic Tax Credit Properties For Sale

Price, High to Low
0 Properties Found.

No listings were found matching your search criteria.

Federal Hill CHAP Historic Tax Credit Homes

The Federal Hill CHAP tax credit offers Buyers an excellent opportunity to save tens of thousands of dollars during the life of the tax credit. The CHAP tax credit is a 10 year transferrable tax credit. Buyers can transfer this tax credit and unlimited number of times during the life of the tax credit. The Federal Hill CHAP tax credit only applies to the real property and does not apply to the land value. It also only applies to a Buyers city taxes and not the state portion of their tax bill. 

How Does it Work?

  • The Property must first qualify as a CHAP tax credit property based on the home being in a designated historic district. Federal Hill is a qualified CHAP historic tax credit district. The total cost of the improvements must exceed 20% of the assessed property value.
  • The Builder must make application for the tax credit prior to pulling permits or making any changes or improvements to the property.
  •  The CHAP Department will review the Builders plans and approve or decline them.
  • If the plans are approved, the Builder will obtain what is called CHAP Step 1 Approval. Assuming that the Builder does not deviate from the approved plans, they will have no trouble in obtaining final CHAP tax credit approval.
  • Upon completion of the project, the CHAP Department will inspect the property to insure that it was done according to the approved plans. If it passes CHAP review, the CHAP Department will issue a final approval letter. This completes the process. 
  • Purchasers of a Federal Hill CHAP Historic Tax Credit Home will see a special credit on their tax bill after the credit has been approved and applied.

Frequently Asked Questions

  • Can I make application for the CHAP tax credit after construction has started or has been completed? 
    No. The Builder must apply before construction starts.
  • Can my taxes go up if I have the CHAP tax credit?
    Yes. The credit is only based on the value of the improvements. The City can raise the tax rate or raise the value of the land. The CHAP historic tax credit also does not apply to the state portion of your taxes.
  • Does the tax credit transfer if I sell my house?
    Yes. The CHAP tax credit is transferrable and can be transferred an unlimited amount of times.
  • Will the CHAP tax credit enable me to increase my price range?
    Yes. The CHAP tax credit will decrease your monthly mortgage payment which will effectively increase your price range. You will still need to qualify for the purchase. 

     

BALTIMORE CITY (CHAP- 10 YEAR) HISTORIC TAX CREDIT SAVINGS ANALYSIS

The following scenario is used to show the potential savings that can be obtained with the Baltimore City Historic Tax Credit.

PROPERTY SPECS

TYPE OF LOAN

ANNUALTAXES

ESTIMATED MONTHLY PAYMENT

TYPICAL $350,000 PURCHASE PRICE(ASSESSED AT $350,000)

30 YEAR FIXED 5.00% RATE

$7,938.00

$1,878.88 Principal & Interest  + $661.50 (taxes) = $2,540.38

TYPICAL $280,000 PURCHASE PRICE(ASSESSED AT $280,000)

30 YEAR FIXED 5.00% RATE

$6,804.00

$1,503.10 Principal & Interest  + $567.00 (taxes) = $2,070.10

TAX CREDIT -  $350,000 PURCHASE PRICE (ASSESSED AT $100,000.00) w/ assessed value frozen for 10 years - Baltimore City Historic Tax Credit)

30 YEAR FIXED 5.00% RATE

$2,268.00

1,878.88 Principal & Interest  + $189.00 (taxes) = $2,067.88

TAX CREDIT SAVINGS

MONTHLY SAVINGS -

$472.50

ANNUAL SAVINGS -

$5,670.00

INCREASE IN PURCHASE POWER -

$70,000.00

SAVINGS OVER LIFE OF TAX CREDIT -

$68,040.00

  • 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. Buyers are encouraged to speak with their Real Estate Agents for a more complete understanding of the Baltimore City Historic Tax Credit.
  • Model Uses Current Baltimore City Tax Rate of 2.268% Assessed Annually.
  • Figures Above Do Not Include Mortgage Insurance, or Hazard Insurance.
 

For more information about Canton CHAP tax credit properties please contact a member of the Chris Cooke team. We are experts when it comes to Federal Hill CHAP tax credit homes in Baltimore.

^ Back To Federal Hill Real Estate

Why Choose Us...

SERIOUS REAL ESTATE MARKETING

Our Professional Photography, Expansive Marketing Campaign (Over $100K Annually), and Trademark "Real Ads" TM Listing Pictures set the standard for today's real estate marketing. We Don't List Homes, We SELL Them...

TOP PRODUCERS

Unlike our Competitors, we look at ourselves first as sales professionals and second as real estate agents. Our Agents have extensive sales and customer service training. We leverage our vast experience to negotiate the very best terms for our clients.

UNCOMMON RESULTS

Consistently Ranked as the #1 Real Estate Team in Baltimore. Over a half billion dollars in sales.

TEAM OF SPECIALISTS

A highly trained team of support specialists with specialized skills to guide you through each step of your purchase or sale.

Sell My Property

Are you thinking about selling your home? Receive a free market analysis of comparable properties in your area.

Our Clients are Saying…

"Chris is very knowledgeable of the local market and has put together an impressively efficient team supporting all aspects of the sale. His marketing process is…

Claudio Delphino

Career Opportunities

We are continuously looking for new passionate, energetic talent to add to our growing team.