Baltimore mayor Stephanie Rawlings-Blake announced a new plan to offer bigger property tax breaks for industrial properties in Southeast Baltimore, with the goal of attracting more jobs to the area. The plan would have to be approved by the state and would give property owners an 80 percent tax credit on value added by physical improvements for 10 years. It would also increase credits granted for wages paid to new employees and give breaks for investments in “personal property,” such as machinery.

Mayor Rawlings-Blake said the legislation was meant to spark the development of underused and undeveloped industrial properties in the city.

Jon M. Laria, a real estate lawyer and Managing Partner of Ballard Spahr's Baltimore office, agreed that “creative and aggressive” tax incentive programs are key to bringing business to Baltimore.

"Credits that lower the tax burden for a period of time really make a difference in terms of our ability to attract business and compete," said Mr. Laria, who is also Chair of the Maryland Sustainable Growth Commission. "Everybody wins when these things happen. We bring residents or we bring businesses or we bring economic investment.”

The tax breaks would benefit a new Amazon warehouse, which is also set to receive more than $43 million in state and city incentives.

People

Related Practices

Real Estate
Real Estate Development and Complex Transactions
Tax Credits
Zoning and Land Use