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Historic Tax Credits

Baltimore taxes are almost 2.5 times higher than the tax rates of the surrounding counties. The Chris Cooke Team works with several local Developers that specialize in the rehabilitation and restoration of properties utilizing historic tax credits. Utilizing these tax credits, Buyers are able to: 
  • INCREASE PURCHASING POWER
  • RECEIVE SUBSTANTIALLY REDUCED MORTGAGE PAYMENTS
  • SAVE TENS OF THOUSANDS OF DOLLARS - SAVINGS CAN EXCEED $100,000.00
  • RECEIVE A STATE INCOME TAX CREDIT (LUMP SUM REBATE CHECK) OF UP TO $50,000.00

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

ANNUAL TAXES

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.
MARYLAND SUSTAINABLE COMMUNITIES TAX CREDIT PROGRAM

The Maryland Sustainable Communities Tax Credit Program is administered by the Maryland Historical Trust and provides Maryland income tax credits based on a percentage of the qualified capital costs expended in the rehabilitation of a structure for the following types of projects:

  • 20% credit for "certified historic structures" that are owner-occupied, single-family residences 
  • 20% credit for "certified historic structures" that are commercial buildings
  • 25% credit for "certified historic structures" that are high-performance commercial buildings
  • 10% credit for non-historic, "qualified rehabilitated structures"

SAMPLE RESIDENTIAL TAX CREDIT SAVINGS

SHELL AQUISITION -

$100,000.00

RENOVATION COST (QUALIFYING EXPENSES) -

$200,000.00

TAX REBATE CALCULATION -

20% * $200,000

TAX CREDIT REBATE -

$40,000.00

BUYERS AGENTS & BUYERS

Please feel free to contact us to inquire about current and upcoming tax credit properties. If we do not have a tax credit property in our current inventory of listings, we can assist you in locating a shell with the space and location that you desire and then introduce you to a Builder that can build out the property according to tax credit guidelines. Buyer Agent commissions paid on all sales.

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