BALTIMORE (AP) — The Baltimore City Council has approved Mayor Stephanie Rawlings-Blake’s proposed property tax cut legislation.

The plan approved on Monday calls for a newly created homeowners tax credit program that the mayor’s office says would be paid for with money generated by slots and by reducing spending over the next several years.

Under the plan, the owner of a home valued at $200,000 would see an annual tax reduction of $40 in 2013, growing to $400 in 2020.

Rawlings-Blake has said the gradual tax reduction would prevent large cuts to city services and public school funding.

(Copyright 2012 by The Associated Press. All Rights Reserved.)


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