There are three different types of tax abatement available.Enterprise Zone
An Enterprise Zone is a specific area established within a city or cities meeting certain economic criteria. The process is usually initiated by a municipality and must be approved by the Ohio Department of Development.
With an Enterprise Zone (EZ), a business may enter into an Enterprise agreement with the municipality. This agreement will spell out what improvements will be made, what new jobs will be created, etc. The agreement may be with new businesses or with an existing business that is expanding.
The agreement will also specify the tax incentives to be granted:
The second type of abatement is a Community Reinvestment Area. These are categorized as specific areas designated by a municipality, completely administered by a designated housing officer within the municipality.
This may involve the following types of improvements:
The Community Urban Redevelopment type of abatement concerns "blighted" areas as defined by a municipality. The improvements constructed by a Community Urban Redevelopment Corporation, under agreement with municipality, may be exempted for up to 20 years. Taxes on land, including increases to land value as a result of improvements, are NOT abated.
For further information on tax abatement, please contact your local City Hall or the Auditor's Office at 330.287.5430