Baltimore Is Giving Out 25-Year Tax Breaks to Help Revitalize Its Downtown

Baltimore’s newly approved tax break is designed to encourage redevelopment as business districts continue recovering from pandemic-era losses.

BY SARAH BREGEL, FREELANCE WRITER

Baltimore, Maryland. Photo: Adobe Stock

A new deal is aiming to help revitalize some parts of downtown Baltimore with a big tax incentive. The Payment in Lieu of Taxes (PILOT) program, also known as the Downtown Rise PILOT, will be offered for new projects or redevelopment projects within the city’s Inner Harbor and Baltimore’s central business district. The plan will replace property taxes with negotiated payments for projects that qualify for up to 25 years. 

The plan comes after a bill passed earlier this year. According to the bill, the tax exemption is conditional on an economic analysis conducted by the city, as well as an agreed upon annual payment amount.........

© Inc.com