How can a CRA tax abatement help me?

If you are a business, homeowner or landlord who would like to build, expand or substantially rehabilitate a building, a CRA real property tax abatement can result in a significant annual savings to you over a period of 10-15 years. The tax savings keeps more money in your pocket that you can invest in your project, other expenses, or savings. If you are someone who does not have plans to improve your property, you will indirectly benefit from the CRA program because it will encourage improvement of other Xenia properties as well as business attraction and expansion, which can improve the value of your property as well as Xenia’s general quality of life.

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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?