Baltimore’s financial position has improved somewhat in recent months, a lift that comes even as the city has taken a few major hits from vacancy in its downtown business district.
The city has seen its property tax base shrink by $181 million just since July 1, largely a consequence of updated appraisals to major commercial properties that have lost business and tenants since the pandemic, Deputy Finance Director Bob Cenname told the City Council on Thursday.
One building alone — 100 E. Pratt St., known as the T. Rowe Price building — is responsible for $54 million in losses to the city’s property tax base, Cenname said, after the investment management firm opted to move its headquarters from the Inner Harbor to the Harbor Point neighborhood, further east on the waterfront.
The T. Rowe Price building’s assessed value dropped nearly $80 million with the company’s planned relocation, the Baltimore Business Journal reported in July.
Click here to read the rest of the article written by Adam Willis over at The Baltimore Banner
