BBMR Issues Report in Response To “Renew Baltimore” Charter Amendment Proposal on Property Taxes

BALTIMORE, MD. (Wednesday, May 8, 2024) – Baltimore’s Bureau of Budget Management and Research (BBMR) issued a report in response to “Renew Baltimore’s” charter amendment proposal to lower property taxes from the current rate of $2.248 per $100 of assessed value to a maximum allowable rate of $1.20 by 2032. 

The report from BBMR highlights that Renew Baltimore’s proposal, if approved in November, would lead to the following negative consequences for the City of Baltimore:

• $891 million annual structural budget gap between projected revenue and expenses by Fiscal 2034
• Massive budget cuts to agencies resulting in service reductions to citizens

“The Renew Baltimore petition that is currently circulating would represent a dramatic change in tax policy with significant impacts on the City budget and service delivery,” said Robert Cenamme, the City of Baltimore’s Deputy Finance Director.

Additionally, BBMR’s report addresses several unsubstantiated claims made by Renew Baltimore.  BBMR aims to function as a neutral arbiter and to provide clarity to the public, elected officials, and other stakeholders about the impact of various City tax, budget, and policy proposals.  

The report Analyzing the Impact of the 2024 “Renew Baltimore” Charter Amendment Proposal on Property Tax Rates is available here: https://bbmr.baltimorecity.gov/management-research

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