Baltimore City Tax Credit for Historic Rehabilitations and Restorations
In 1996, the Mayor and City Council established Baltimore City’s Historic Tax Credit Program, fostering the rehabilitation of historic structures throughout Baltimore. The Historic Tax Credit Program is open to residential and commercial buildings. To date, more than 4,700 rehabilitation projects have participated. The program is a 10 year, comprehensive tax credit program that helps the City in its mission to preserve Baltimore's historic neighborhoods by encouraging property owners in historic districts to complete substantive rehabilitation projects. The 10-year credit is granted on the increased property value, resulting from the qualifying rehabilitation work. The tax credit is computed once and used for the entire 10-year life of the credit. The Department of Finance is responsible for calculating the credit and all questions regarding the calculation should be addressed to them.
To date, over $960 million dollars has been invested in historic properties since 1997, with more than 3,000 restorations currently underway in historic districts throughout the City. When these restorations are complete they will result in an additional $800 million in investment, resulting in a total investment amount of $1.5 billion dollars.
- Ten-year tax credit for all renovations, interior and exterior, is the most generous in Baltimore City, and among the most comprehensive in the country.
- Credit benefits both homeowners and businesses.
- Goal of the program is to help preserve Baltimore's neighborhoods by encouraging restoration and rehabilitation.
- Credit is fully transferrable to a new owner for the remaining life of the credit.