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Community Reinvestment Area

the City of Cincinnati may offer a property tax abatement to a company that is considering building or renovating a commercial facility. The size of an abatement varies between projects and depends upon the taxable value of the improvements that are made to a property.How does a LEED CRA work?

How does a CRA work?

Suppose an investor enters into an agreement with the City to invest $1 million to renovate a commercial property. In this case, the abatement is for 75% of the new value for a 12-year term.

Market value of new investment
$1 million
Assessed value of investment
$350,000
Commercial property tax rate
0.086338791

Property tax on new investment
$30,218
Annual abatement
$22,663
Total abatement
$271,956

 

The maximum abatement, net of a payment to the school district, is 75% of the new taxable value. The maximum term on a renovation project is 12 years; for new construction it is 15 years.

Eligible Projects

  • Projects that result in at least $40,000 in investment.
  • Projects that result in net, new job creation.
  • The investor must demonstrate that the incentive is a major factor in its decision to expand or locate in Cincinnati.
  • The City also offers abatements for investors that achieve a minimum of Leadership in Energy and Environmental Design (LEED) Silver certification through the U.S. Green Building Council.
  • The project cannot begin prior to the execution of the CRA agreement.

Fees

The State of Ohio charges a $750 application fee and an annual fee of one percent
of the value of the abatement (minimum $500/maximum $2,500).

How do I learn more?

Contact the Economic Development Division at (513) 352-2499 or edinfo@cincinnati-oh.gov

Download the Community Reinvestment Area (CRA) Flyer.

Financial Assistance Application

Initial Application for Commercial Tax Exemption
This application is to be completed by any company interested in a commercial tax abatement through the City of Cincinnati prior to beginning construction.

Subsequent Application upon Project Completion
This form is required to be submitted upon project completion. The tax abatement will take effect after review and processing of this application.

Annual Status Report
This form is required to be submitted each year by existing tax abatement recipients. It must be submitted by March 5th of each year during the tax abatement period.

Instructions for completing Annual Status Report

 

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