How does a CRA tax abatement work?

Building a new home, store or office or investing in renovations can make real property taxes go up. This is because improvements to a property increase the property’s value, and real property taxes are a percentage of the taxable real property value. A real property tax abatement in a CRA makes it possible for property owners to avoid all or a portion of the tax increase caused by the improvements over a 10-15 year period.

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1. What is a Community Reinvestment Area (CRA)?
2. How does a CRA tax abatement work?
3. How can a CRA tax abatement help me?
4. How can I qualify for a CRA tax abatement?
5. How much of a tax abatement can I receive?
6. How do I apply for a CRA tax abatement?
7. Who reviews and approves my CRA application?
8. Will a CRA tax abatement reduce the taxes that I paid on the property prior to new construction, expansion or renovation?
9. If I receive a CRA tax abatement, will my taxes go up or down during the abatement period if my property is re-assessed or if a tax levy is passed?
10. What happens to my tax bill at the end of the tax abatement period?
11. Why was this part of Xenia selected for the CRA, and not ALL of Xenia?