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Event Registration & Descriptions

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1. Bus Tours – Join us to tour 10 to 15 active listings in Canton, Fells Point, Brewers Hill, Patterson Park, Highlandtown and Butchers Hill areas. (10am to 1pm). All properties will have the CHAP 10 Year Tax Credit. These tours leave at 10:00 am from our Fells Point office and will finish up around 1:00 pm. Click event for more details & to register. (Click here to see a CHAP 10 Year Tax Credit example).

2. Receive $2,500 towards closing costs!  The first 120 home buyers that attend one of our workshop or bus tour events and who provide to the sponsors a fully executed and accepted sales contract within 90 days of this event will receive  $2,500 towards closing costs. Terms & Conditions apply. Buyer must use a Ron Howard & Associates of RE/MAX Preferred buyer agent, Todd Mummert with Secured Funding as their loan officer and Signature Title as their title company. Offer is limited to transactions involving a $300,000+ loan amount, Maryland properties only and minimum 640 credit score.  Restrictions may apply.  This is not a commitment to lend or extend credit. If sales price is less then $300,000 contact us for more info.

3. Basic overview of CHAP 10 Year tax credit: Here is a basic overview of how the credit is calculated and how it works. The tax credit is not calculated until the property is reassessed, and the calculation is handled by the City’s Department of Finance. The tax credit is a dollar value that is subtracted from an owner’s property tax bill each year for 10 years. The tax credit offsets any increase in Baltimore City’s taxes that occurs following a substantial rehabilitation project. For Example: if your property taxes were $2,000/year before the property was rehabilitated and, once the project is complete, the new assessment increases the taxes to $8,000/year, your tax credit would be $6,000/year. That $6,000 is subtracted each year for ten years from your taxes. The tax credit appears as a “Special Credit” on the tax bill, so if the credit is already active you can see the value on last year’s tax bill. Baltimore City held a meeting on September 15th, 2014 to discuss using appraisals to formulate the tax credit moving forward, when we have more information we will update this site.

Ron Howard & Associates of RE/MAX Preferred works with a handful of local re-developers that use the CHAP historic tax credit. This tax credit will greatly reduce your annual tax bill across a 10 year period. There are currently new renovations that have the CHAP 10 Year Tax credit on the market in Canton, Fells Point, Federal Hill, Butchers Hill, Highlandtown, Patterson Park & Locust Point. There are many benefits to buying a renovation with the CHAP 10 year tax credit:

  • Much lower monthly mortgage payments then a home with fully assessed taxes.
  • Qualify and buy a home with a higher sales price ($40,000 to $80,000 more) with the same payment.
  • Use the money your saving monthly to pay towards your principal and pay off your loan years ahead of schedule.
  • Buy sooner because you need less cash to close (lower tax escrow).
  • With lower tax escrow to close you will have more cash on hand to put down and potentially switch to better financing.
  • Be the first to live in the new renovation.
  • The CHAP Tax credit is transferable, a big selling point when you go to sell.
  • You don’t lose the Credit if you decide to use the property as  a rental property.

 

SponsoredBy2

Equal housing logo Todd Mummert, Secured Funding. NMLS# 900701, License #06-19989 Lending States: Maryland.

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