CHAP tax credit renovation properties have been saving buyers a substantial amount in taxes for years. These types of Baltimore row homes hold more valuable because of the generous tax break. I did at recent blog titled 10 year CHAP tax credit renovations in Butchers Hill . That blog highlighted 3 CHAP tax credit renovations all in the popular Baltimore neighborhood Butchers Hill. Since that was published all 3 of those active Baltimore City homes for sale are now under contract and set to settle in March 2017.
When explaining the tax credit, most are vegue in the details. When I explain it to Baltimore City buyers, I try to give them round number within my example to keep things easy to calculate.
Here is the example that I tend to use:
CHAP appraisal before renovation is 100k
CHAP appraisal after renovation is 300k.
The “locked in” credit is 200k x 2.32 = $4640.00/year in taxes ($386.67/month)
So let’s say the state’s assessment after renovation is 290k.
Normal tax bill for the city portion is 290k x 2.32 = $6,728/year
CHAP credit is $4640/year
TOTAL AMOUNT OF CITY TAX $6728 – $4640 = $2088.00
When purchasing a CHAP tax credit house it is important to get the CHAP appraised amounts so that you can calculate the taxes that the buyer will be paying. The above example should help you calluclate but in the event you still have questions, please contact Suzie Coronel at suzie@CrabbyHomes.com or the cell number in the banner below.
Butchers Hill home buyers who are looking for a 10 year CHAP tax credit renovation have some great options. Many buyers will think that a total renovation is going to be way out of their budget. The truth is that Butchers Hill properties are just as diverse as it’s residences. Below I have 3 available CHAP tax credit homes that offer 3 different layouts at 3 different price points.
315 S Washington St – Butchers Hill – $325,000.00
Full CHAP pending, pre-construction appriasal is 115k
3 levels above ground
1 mastersuite on the 3rd level – complete with roof deck access, a full bath, and a sitting room
2 bedrooms share the 2nd level with a full bath inbetween
On the main level is a bright white kitchen, separate dinning room , large living room
This home has a 2 tier deck and an exterior storage shed in the rear.
411 S Washington St – Butchers Hill – $344,900.00
Full CHAP pending, pre-construction appriasal is 125K
3 finished levels, including a fully finished basement
2 bedrooms on the second level – a master w/ private bath and a 2nd bedroom with use of hallway bath
Main level has an open layout living area, separate dinning room and kitchen with breakfast bar
Basement is fully finished complete with a third bedroom, full bath and laundry area
This home also has a 2 tier deck starting from the 2nd level as well as a patio leading off the main level kitchen
2025 Bank St – Butchers Hill – $439,000.00
Full CHAP pending, pre-construction appriasal is 150K
Top 3 levels had an addition built on to the back
4 finished levels of living space
Top level has 2 bedrooms and a shared full bath
2nd level has master bedroom/full bath aside an additional bedroom with hallway full bath
Laundry is also on the 2nd level
Main level is set up for the entertainer- large living room, gourmet kitcken and separate dinning room with a walk out patio
Basement is fully finished with the 5th bedroom and full bath.
If you’d like to see any of these from Mason Properties of Baltimore, a favorite local builder, please contact Suzie Coronel. If you would like to better understand the CHAP credit, don’t hestitate to call!
Christmas is 4 days away. Most Baltimore City sellers would just wait until after the holidays to list a brand new renovation. Mason Properties wanted this to hit the market as soon as it was completed no matter the date. It’s a Baltimore City CHAP tax credit renovation so there is never a bad time to list these homes. In fact many baltimore city buyers won’t settle for anything without the 10 year CHAP tax credit.
411 S Washington St – Butchers Hill – Listed @ $344,900
3 true bedrooms
3 full baths
kitchen with granite, stainless, and tiled backsplash
wood floors throughout
3 finished levels
2 level roof deck
Located in Butchers Hill, just north of Fells Point, this home offers 3 large bedrooms, 3 full baths, wood floors throughout, and a 2 level roof deck. The kitchen has granite, SS appliances, plenty of cabinet space and a breakfast bar. Full renovation was just completed December 2016. With 1000+ sq ft above ground, the house has the space for different types of households. And with the CHAP tax credit it’s aordable.
If you’d like to tour this home or would like to know more about the CHAP tax credit and Mason Properties, Inc. let me know! Suzie Coronel
Looking for a rental close to Baltimore’s Patterson Park, Canton and Fells Point? Since this house has 2 bedrooms and 2 full baths on the same level, this house is perfect for roommates. 250 S Bouldin offers 3 finished levels, easy parking, large kitchen with island and a finished basement. Contact Suzie Coronel for details and showings.
250 S Bouldin Street, Baltimore, MD 21224
2 full baths
Available Dec 1st or Jan 1st
$1800 a month + water quarterly.
Situated perfectly among Fells Point, Canton, and Patterson Park; Butcher’s Hill is one of Baltimore City’s most charming neighborhoods. The streets are filled with a good mix of Hopkins students and medical professionals, young families, and singles alike. Seems most homes have a green thumb since most have lovely flower boxes lining the facades through the seasons. A tight knit community association exists that organize street and alley clean ups, flea markets, and block parties. In my 12+ years of selling in this area, most buyers in Butcher’s Hill don’t sway from this area.
315 S Washington Street, Baltimore, MD 21231 is a prime example of the type of home this area has to offer. A local Baltimore investor, Mason Properties, purchased this dilapidated row home. This well-known investor will not only bring life to this home, he’ll provide a CHAP tax credit property for a future home buyer. This home will have all new electric, plumbing, roof, framing, baths, kitchen, etc.
This blog will take you thru the different renovation phases of 315 S Washington Street. The finished home will have all of the following:
315 S Washington Street
Master suite: complete with private bath w/ double vanity, deck access, and huge walk-in closet
2nd level: 2 additional bedrooms, a shared full bath, linen closet, and laundry room
1st level: Living room, gourmet kitchen with a separate dining room
Roof deck to complete the 2 tiered deck
****Updated October 2016
Framming and systems are going in.
**** Update November 2016
This house is shaping up! The builder used marble tile in both full baths and dark wood floors throughout the entire home. It’s beautifully done. The roof deck is getting built now. Soon the kitchen will be installed. Check out these new photos.
315 S Washington Street
3 bedrooms w/ master suite and sitting room
2 full baths
granite and stainless in the kitchen
I will be updating this blog as the renovation progresses. If’ you’d like to set up a tour, contact Suzie Coronel.