The Community Reinvestment Area (CRA) Program is aimed at encouraging new investment in Union Township through the rehabilitation and new construction of buildings and homes through property tax incentives. Property tax abatement is available for increased valuation that results from the improvements to property. The residential CRA’s goal is to stimulate rehabilitation, retain residents, and attract homeowners. Commercial CRAs are designed to facilitate the retention and expansion of businesses and the retention and creation of jobs.
In April 2023, the Ohio Legislature voted to allow home-rule townships, like Union Township, to create and maintain their own CRA programs. Prior to this, the township was required to pursue this program in connection with authorization from Clermont County.
What types of development qualify for tax abatement?
Qualifying types include:
New construction of buildings
Improvements that cost more than $20,000 (Residential) and $75,000 (Commercial/Industrial) and would result in an increase in assessed value for real estate tax purposes
What types of improvements increase the assessed value of property?