About Baltimore, MD Ground LeasesAs many of us know too well, Baltimore is one of the rare areas in the country that still has residential ground rents ( St. Louis is another ), also known as ground leases. As a refresher, if you have a ground rent, it means that you own your house ( you have a leasehold interest ), while someone else owns the land on which the house is built ( they have the fee interest ). If you own your property subject to a ground rent, you typically would be required to pay an annual or semi-annual rent payment to the owner of the land. If the annual ground rent payments go unpaid, the ground rent holder can go to court and have a lien placed against the home for the value of the ground rent. The value of a ground rent is typically determined by capitalizing the annual ground rent payment by 6%. For example a $60/year ground rent divided by 6% = a value of $1,000.
Under Maryland law, the owner of a leasehold residential property has the right to redeem the ground rent for a one-time payment and obtain full title (including land) to the property. Unless the tenant already knows who your ground rent owner is, redeeming the ground rent can sometimes be next to impossible.
In an effort to make this information more readily available, a law enacted by the ‘07 session of the MD General Assembly requires all ground lease owners to register certain information with the State Department of Assessment and Taxation. | More Local Area InformationThe city of Baltimore is situated in the north central part of the state of Maryland, about 40 miles northeast of Washington DC. Due to it... Read moreNicknamed “Charm City,” Baltimore is home to roughly 630,000 residents. Some of the more popular neighborhoods that make up Baltimore real estat... Read moreNot to be confused with the independent city of Baltimore, which it surrounds, the county of Baltimore is located in northern Maryland. Its count... Read moreOriginally a quiet farming community northeast of Baltimore, Rosedale is now a thriving suburb ideally situated between I-95 and the Baltimor... Read moreA suburb of the city of Baltimore, Catonsville is the home of the University of Maryland’s Baltimore County campus. More than 40,000 Catonsville rea... Read moreParkville is a vibrant Baltimore suburb of 31,000 residents conveniently located inside the Baltimore Beltway. Its commercial district, which line... Read moreTowson is the county seat of Baltimore County and is home to more than 52,000 residents. The town boasts ample amenities, from the shops and dinin... Read moreThe Baltimore suburb of Pikesville, named after explorer Zebulon Pike, is home to nearly 30,000 residents. This easily accessible town sits along th... Read moreElkridge is nestled on the banks of the Patapsco River, a tributary of the Chesapeake Bay that separates Howard and Baltimore Counties. Thanks to it... Read moreGlen Burnie real estate is located in northern Anne Arundel County, just 15 miles north of Annapolis. The town dates back to the early 1800s, when i... Read moreA combination of the unincorporated communities of Lutherville and Timonium, Lutherville-Timonium is located in Baltimore County and is connected t... Read moreFounded in 1772 as a flour mill town, Ellicott City has since grown into a thriving – and charming – Baltimore suburb. Its popular Main Street i... Read moreTen miles northeast of Baltimore sits the quiet suburb of Perry Hall. This unincorporated community is home to more than 28,000 Perry Hall rea... Read moreWhite Marsh is a planned community located in eastern Baltimore County. Originally designed to take advantage of the growth along I-95, the town wa... Read moreLocated in Anne Arundel County, on the shores of the Chesapeake Bay, Pasadena is just a short trip from the big city amenities of Annapolis an... Read moreA charming community surrounded by the natural beauty of Greenspring Valley, Owings Mills is home to more than 22,000 residents. The town i... Read moreColumbia began in the late 1960s as a planned community. Today, it is home to 10 distinct villages and more than 100,000 residents. Among thes... Read moreThe modest community of Hunt Valley is located just outside of Baltimore. The appeal of its relaxing atmosphere is matched by its proximity to bi... Read moreFort Meade, a growing community located in Anne Arundel County, was named after General George G. Meade, who served in the Union Army during th... Read moreThe small suburb of Phoenix is located in Baltimore County, just north of Baltimore City. Its lack of overdevelopment gives Phoenix real estate ... Read more |
