There are a lot of misconceptions about the Baltimore City CHAP tax credit. We often speak with members of the real estate community and real estate consumers who have a vague idea about the CHAP tax credit or an incorrect assumption about the effects of the program.
SEE ALL “ON THE MARKET” CHAP TAX CREDIT HOMES HERE.
- CHAP Tax Credit FREEZES the taxes for 10 years.
- The CHAP Tax Credit is based off of what the property was acquired for and what the property was sold for
- Any property can get the CHAP tax credit
- The CHAP Tax Credit is a TRANSFERRABLE credit based on the delta between a pre-improvement valuation and post improvement valuation issued by the CHAP office. The tax assessment on your property can change, many times, but the CHAP tax credit amount is locked in for 10 years.
- The pre-improvement valuation process and CHAP tax credit application must be completed before ANY work is done on the home.
- The home must be in an approved district
- All work must be in compliance with the CHAP guidelines.
- The CHAP tax credit sticks with the property however the tax assessment can change! Your property taxes can go up or down based on the tax assessment. Your CHAP Tax credit however- will stay the same, and save you thousands!
See attached documents for more in depth information on the program. To receive an up to date list of the current CHAP renovations offered by the SURE sales group, please contact us and ask for the current CHAP inventory list.